Summit Global Investments Decreases Stock Position in MGE Energy Inc. $MGEE

Summit Global Investments decreased its position in shares of MGE Energy Inc. (NASDAQ:MGEE) by 73.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,119 shares of the utilities provider’s stock after selling 8,850 shares during the period. Summit Global Investments’ holdings in MGE Energy were worth $263,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. First Trust Advisors LP increased its stake in MGE Energy by 407.1% in the 2nd quarter. First Trust Advisors LP now owns 499,950 shares of the utilities provider’s stock worth $44,216,000 after acquiring an additional 401,361 shares during the last quarter. ProShare Advisors LLC increased its position in MGE Energy by 788.8% in the second quarter. ProShare Advisors LLC now owns 76,265 shares of the utilities provider’s stock worth $6,745,000 after purchasing an additional 67,684 shares during the last quarter. Jane Street Group LLC increased its position in MGE Energy by 718.5% in the first quarter. Jane Street Group LLC now owns 75,007 shares of the utilities provider’s stock worth $6,973,000 after purchasing an additional 65,843 shares during the last quarter. Marshall Wace LLP raised its stake in MGE Energy by 57.2% during the second quarter. Marshall Wace LLP now owns 118,819 shares of the utilities provider’s stock valued at $10,508,000 after purchasing an additional 43,231 shares in the last quarter. Finally, Invesco Ltd. lifted its position 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 during the last quarter. 52.58% of the stock is currently owned by hedge funds and other institutional investors.

MGE Energy Stock Up 1.2%

Shares of NASDAQ:MGEE opened at $79.88 on Monday. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.91 and a quick ratio of 0.59. The business has a 50 day simple moving average of $79.45 and a two-hundred day simple moving average of $82.68. MGE Energy Inc. has a 1 year low of $76.47 and a 1 year high of $95.00. The firm has a market capitalization of $2.92 billion, a PE ratio of 21.65 and a beta of 0.82.

MGE Energy (NASDAQ:MGEE) last announced its quarterly earnings data on Wednesday, November 5th. The utilities provider reported $1.22 EPS for the quarter, beating the consensus estimate of $1.19 by $0.03. MGE Energy had a return on equity of 10.65% and a net margin of 18.55%.The company had revenue of $175.68 million for the quarter. On average, equities 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 Sunday, March 15th. Investors of record on Sunday, March 1st will be issued a dividend of $0.475 per share. The ex-dividend date is Friday, February 27th. This represents a $1.90 dividend on an annualized basis and a yield of 2.4%. MGE Energy’s dividend payout ratio (DPR) is presently 51.49%.

Analyst Ratings Changes

MGEE has been the topic of a number of research reports. Morgan Stanley restated an “underweight” rating on shares of MGE Energy in a report on Wednesday, January 21st. Weiss Ratings restated a “hold (c+)” rating on shares of MGE Energy in a research report on Monday, December 29th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $79.00.

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.