MGE Energy Inc. (NASDAQ:MGEE) Short Interest Up 225.6% in May

MGE Energy Inc. (NASDAQ:MGEE) was the target of a large increase in short interest during the month of May. As of May 15th, there was short interest totaling 1,533,881 shares, an increase of 225.6% from the April 30th total of 471,132 shares. Currently, 4.2% of the company’s stock are short sold. Based on an average trading volume of 440,425 shares, the short-interest ratio is currently 3.5 days.

Analysts Set New Price Targets

MGEE has been the subject of several recent analyst reports. Morgan Stanley reiterated an “underweight” rating and issued a $70.00 price objective on shares of MGE Energy in a research report on Thursday, May 21st. Weiss Ratings reiterated a “hold (c)” rating on shares of MGE Energy in a research report on Friday, May 8th. Finally, Wall Street Zen upgraded MGE Energy from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, MGE Energy presently has a consensus rating of “Reduce” and a consensus price target of $76.50.

Insider Activity at MGE Energy

In other MGE Energy news, Director James G. Berbee bought 373 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The stock was purchased at an average price of $77.74 per share, for a total transaction of $28,997.02. Following the purchase, the director directly owned 9,362 shares in the company, valued at $727,801.88. This trade represents a 4.15% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.41% of the company’s stock.

Institutional Investors Weigh In On MGE Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC increased its holdings 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 valued at $72,315,000 after purchasing an additional 3,692 shares in the last quarter. First Trust Advisors LP increased its holdings in MGE Energy by 2.3% during the 3rd quarter. First Trust Advisors LP now owns 511,382 shares of the utilities provider’s stock valued at $43,048,000 after purchasing an additional 11,432 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in MGE Energy by 0.6% during the 1st quarter. Bank of New York Mellon Corp now owns 320,415 shares of the utilities provider’s stock valued at $24,765,000 after purchasing an additional 1,763 shares in the last quarter. Deprince Race & Zollo Inc. acquired a new stake in MGE Energy during the 1st quarter valued at $21,418,000. Finally, Invesco Ltd. increased its holdings in MGE Energy by 14.3% during the 2nd quarter. Invesco Ltd. now owns 238,747 shares of the utilities provider’s stock valued at $21,115,000 after purchasing an additional 29,811 shares in the last quarter. 52.58% of the stock is owned by institutional investors and hedge funds.

MGE Energy Price Performance

Shares of MGE Energy stock traded down $0.10 during midday trading on Friday, hitting $75.50. 427,469 shares of the company were exchanged, compared to its average volume of 379,935. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.15 and a quick ratio of 0.83. The firm has a market cap of $2.78 billion, a P/E ratio of 19.36 and a beta of 0.76. MGE Energy has a 52 week low of $72.17 and a 52 week high of $91.49. The firm has a 50 day simple moving average of $77.42 and a 200-day simple moving average of $78.97.

MGE Energy (NASDAQ:MGEE) last posted its earnings results on Tuesday, May 5th. The utilities provider reported $1.32 EPS for the quarter, topping the consensus estimate of $1.13 by $0.19. The business had revenue of $242.70 million during the quarter, compared to the consensus estimate of $227.06 million. MGE Energy had a return on equity of 10.94% and a net margin of 18.61%. Research analysts forecast that MGE Energy will post 3.94 earnings per share for the current year.

MGE Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be issued a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Monday, June 1st. MGE Energy’s dividend payout ratio (DPR) is currently 48.72%.

MGE Energy Company Profile

MGE Energy, Inc is a public utility holding company headquartered in Madison, Wisconsin. Through its principal subsidiary, Madison Gas and Electric Company (MGE), the company provides regulated electric and natural gas distribution services to residential, commercial and industrial customers in south-central Wisconsin. MGE Energy’s operations encompass the generation, transmission and distribution of electricity as well as the purchase and distribution of natural gas, with an emphasis on reliable service and system resilience.

Since reorganizing as a holding company in 2001, MGE Energy has expanded its portfolio to include nonregulated subsidiaries involved in renewable energy development, energy services and infrastructure support.