Magellan Asset Management Ltd Cuts Position in MGE Energy Inc. $MGEE

Magellan Asset Management Ltd trimmed its position in shares of MGE Energy Inc. (NASDAQ:MGEE) by 5.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,613 shares of the utilities provider’s stock after selling 1,126 shares during the period. Magellan Asset Management Ltd owned approximately 0.06% of MGE Energy worth $1,911,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Yousif Capital Management LLC lifted its position in MGE Energy by 2.0% during the second quarter. Yousif Capital Management LLC now owns 13,618 shares of the utilities provider’s stock valued at $1,204,000 after purchasing an additional 267 shares during the last quarter. XTX Topco Ltd bought a new stake in MGE Energy during the first quarter worth approximately $306,000. Intech Investment Management LLC boosted its holdings in shares of MGE Energy by 43.9% in the 1st quarter. Intech Investment Management LLC now owns 20,777 shares of the utilities provider’s stock worth $1,931,000 after purchasing an additional 6,341 shares during the period. Strs Ohio bought a new position in shares of MGE Energy during the 1st quarter valued at approximately $1,069,000. Finally, Deutsche Bank AG grew its holdings in MGE Energy by 35.4% during the 1st quarter. Deutsche Bank AG now owns 41,471 shares of the utilities provider’s stock valued at $3,855,000 after purchasing an additional 10,850 shares during the last quarter. 52.58% of the stock is owned by hedge funds and other institutional investors.

MGE Energy Price Performance

Shares of MGEE opened at $83.37 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.80 and a quick ratio of 1.20. The company’s fifty day moving average price is $84.20 and its 200-day moving average price is $86.78. MGE Energy Inc. has a 1-year low of $81.13 and a 1-year high of $109.22. The firm has a market capitalization of $3.05 billion, a PE ratio of 23.16 and a beta of 0.81.

MGE Energy (NASDAQ:MGEE) last issued its earnings results on Wednesday, November 5th. The utilities provider reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.03. The firm had revenue of $175.68 million during the quarter. MGE Energy had a net margin of 18.24% and a return on equity of 10.58%. On average, equities research analysts predict that MGE Energy Inc. will post 3.43 EPS for the current year.

MGE Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be given a dividend of $0.475 per share. The ex-dividend date is Monday, December 1st. This represents a $1.90 dividend on an annualized basis and a yield of 2.3%. MGE Energy’s dividend payout ratio is currently 52.78%.

Insider Transactions at MGE Energy

In related news, Director James G. Berbee bought 507 shares of the company’s stock in a transaction dated Friday, August 15th. The shares were acquired at an average price of $83.83 per share, for a total transaction of $42,501.81. Following the completion of the transaction, the director directly owned 6,329 shares in the company, valued at $530,560.07. This trade represents a 8.71% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.19% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on MGEE shares. Wall Street Zen lowered MGE Energy from a “buy” rating to a “hold” rating in a research note on Saturday, July 26th. Morgan Stanley reissued an “underweight” rating on shares of MGE Energy in a research report on Wednesday, October 22nd. Weiss Ratings lowered shares of MGE Energy from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, October 8th. Finally, LADENBURG THALM/SH SH raised shares of MGE Energy from a “sell” rating to a “neutral” rating and lifted their price target for the company from $69.00 to $83.00 in a research note on Thursday, September 11th. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $79.00.

MGE Energy Profile

MGE Energy, Inc, through its subsidiaries, operates as a public utility holding company primarily in the United States. It operates through Regulated Electric Utility Operations; Regulated Gas Utility Operations; Nonregulated Energy Operations; Transmission Investments; and All Other segments. The company generates, purchases, and distributes electricity and natural gas in Wisconsin and Iowa; owns and leases electric generating capacity; and plans, constructs, operates, maintains, and expands transmission facilities to provide transmission power services.