Key Points
- MGE Energy Director James Berbee purchased 275 shares at an average price of $77.35, increasing his holdings by 2.82% to 10,013 shares.
- MGE Energy reported quarterly EPS of $0.89, beating estimates of $0.77, while revenue of $161.19 million fell short of analyst expectations.
- The company raised its quarterly dividend to $0.5083 per share, equivalent to an annualized $2.03 dividend and a 2.7% yield; analysts maintain a consensus “Hold” rating with a $77.50 target price.
MGE Energy Inc. (NASDAQ:MGEE - Get Free Report) Director James Berbee acquired 275 shares of the business's stock in a transaction on Wednesday, September 9th. The stock was acquired at an average price of $77.35 per share, with a total value of $21,271.25. Following the transaction, the director owned 10,013 shares in the company, valued at approximately $774,505.55. The trade was a 2.82% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
MGE Energy Price Performance
MGE Energy stock opened at $76.48 on Friday. The business's fifty day moving average is $80.17 and its two-hundred day moving average is $78.54. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.79 and a current ratio of 1.14. The firm has a market cap of $2.89 billion, a P/E ratio of 18.79 and a beta of 0.70. MGE Energy Inc. has a 52 week low of $72.16 and a 52 week high of $87.94.
MGE Energy (NASDAQ:MGEE - Get Free Report) last announced its earnings results on Wednesday, August 5th. The utilities provider reported $0.89 earnings per share for the quarter, beating analysts' consensus estimates of $0.77 by $0.12. MGE Energy had a return on equity of 11.10% and a net margin of 19.45%.The company had revenue of $161.19 million during the quarter, compared to analyst estimates of $166.37 million. Equities research analysts forecast that MGE Energy Inc. will post 3.99 earnings per share for the current fiscal year.
MGE Energy Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.5083 per share. The ex-dividend date is Tuesday, September 1st. This is an increase from MGE Energy's previous quarterly dividend of $0.47. This represents a $2.03 dividend on an annualized basis and a dividend yield of 2.7%. MGE Energy's dividend payout ratio is presently 49.88%.
Hedge Funds Weigh In On MGE Energy
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of MGE Energy during the 2nd quarter worth about $496,897,000. California State Teachers Retirement System boosted its stake in MGE Energy by 9,992.8% during the 2nd quarter. California State Teachers Retirement System now owns 3,518,043 shares of the utilities provider's stock worth $286,861,000 after acquiring an additional 3,483,186 shares during the last quarter. Geode Capital Management LLC boosted its stake in MGE Energy by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 921,952 shares of the utilities provider's stock worth $72,315,000 after acquiring an additional 3,692 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in MGE Energy during the second quarter valued at approximately $27,087,000. Finally, Deprince Race & Zollo Inc. acquired a new position in MGE Energy during the first quarter valued at approximately $21,418,000. Institutional investors own 52.58% of the company's stock.
Analysts Set New Price Targets
MGEE has been the topic of several recent research reports. Morgan Stanley reduced their target price on shares of MGE Energy from $76.00 to $74.00 and set an "underweight" rating on the stock in a research note on Friday, August 21st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of MGE Energy in a research note on Wednesday, August 5th. Finally, LADENBURG THALM/SH SH raised shares of MGE Energy from a "neutral" rating to a "buy" rating and set a $81.00 target price for the company in a report on Monday, June 8th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, MGE Energy presently has a consensus rating of "Hold" and a consensus target price of $77.50.
Check Out Our Latest Stock Analysis on MGE Energy
MGE Energy Company Profile
(
Get Free Report)
MGE Energy, Inc is a public utility holding company headquartered in Madison, Wisconsin. Its principal subsidiary, Madison Gas and Electric Company (MG&E), provides electric and natural gas service to residential, commercial and industrial customers in south-central Wisconsin.
The company's operations include generating, purchasing, transmitting and distributing electricity, as well as distributing natural gas. MGE Energy's generation portfolio includes renewable resources such as wind and solar, along with other generation and purchased-power arrangements.
Further Reading
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