Morgan Stanley Cuts MGE Energy (NASDAQ:MGEE) Price Target to $78.00

MGE Energy (NASDAQ:MGEE) had its price target decreased by Morgan Stanley from $79.00 to $78.00 in a research note released on Tuesday,Benzinga reports. Morgan Stanley currently has an underweight rating on the utilities provider’s stock.

Several other research firms have also issued reports on MGEE. Weiss Ratings reissued a “hold (c+)” rating on shares of MGE Energy in a research note on Monday, December 29th. Wall Street Zen raised shares of MGE Energy from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $80.50.

MGE Energy Trading Up 2.4%

MGEE stock opened at $80.55 on Tuesday. The company’s 50-day simple moving average is $78.61 and its 200-day simple moving average is $80.29. The company has a quick ratio of 0.55, a current ratio of 0.77 and a debt-to-equity ratio of 0.61. MGE Energy has a 52-week low of $72.17 and a 52-week high of $94.00. The firm has a market cap of $2.96 billion, a P/E ratio of 21.65 and a beta of 0.79.

MGE Energy (NASDAQ:MGEE) last posted its earnings results on Tuesday, February 24th. The utilities provider reported $0.64 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.64. MGE Energy had a net margin of 18.27% and a return on equity of 10.60%. The business had revenue of $189.55 million for the quarter. As a group, equities analysts forecast that MGE Energy will post 3.92 EPS for the current fiscal year.

Insider Transactions at MGE Energy

In related news, Director James G. Berbee acquired 373 shares of the firm’s stock in a transaction on Wednesday, March 11th. The shares were acquired at an average cost of $77.74 per share, with a total value of $28,997.02. Following the completion of the acquisition, the director directly owned 9,362 shares in the company, valued at approximately $727,801.88. This trade represents a 4.15% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.41% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MGE Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its holdings in MGE Energy by 0.4% during the fourth 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 lifted its holdings in MGE Energy by 2.3% during the third 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. Invesco Ltd. lifted its holdings in MGE Energy by 14.3% during the second 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. Goldman Sachs Group Inc. lifted its holdings in MGE Energy by 9.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 216,173 shares of the utilities provider’s stock valued at $16,952,000 after purchasing an additional 18,877 shares in the last quarter. Finally, Speece Thorson Capital Group Inc. lifted its holdings in MGE Energy by 44.3% during the fourth quarter. Speece Thorson Capital Group Inc. now owns 195,596 shares of the utilities provider’s stock valued at $15,339,000 after purchasing an additional 60,037 shares in the last quarter. 52.58% of the stock is owned by hedge funds and other institutional investors.

About MGE Energy

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.