Legal & General Group Plc Takes Position in MGE Energy Inc. $MGEE

Legal & General Group Plc bought a new stake in shares of MGE Energy Inc. (NASDAQ:MGEE) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 189,397 shares of the utilities provider’s stock, valued at approximately $15,443,000. Legal & General Group Plc owned 0.50% of MGE Energy as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. AQR Capital Management LLC grew its holdings in MGE Energy by 18.8% in the first quarter. AQR Capital Management LLC now owns 8,275 shares of the utilities provider’s stock worth $769,000 after purchasing an additional 1,312 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of MGE Energy by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,707 shares of the utilities provider’s stock valued at $2,018,000 after purchasing an additional 954 shares during the period. United Services Automobile Association acquired a new position in shares of MGE Energy during the first quarter valued at about $220,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of MGE Energy by 18.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 86,608 shares of the utilities provider’s stock worth $8,051,000 after purchasing an additional 13,715 shares in the last quarter. Finally, Jane Street Group LLC boosted its position in shares of MGE Energy by 718.5% during the 1st 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 in the last quarter. 52.58% of the stock is owned by institutional investors.

MGE Energy Price Performance

MGE Energy stock opened at $78.15 on Monday. The firm has a market capitalization of $2.95 billion, a price-to-earnings ratio of 19.20 and a beta of 0.71. The firm’s fifty day moving average price is $80.77 and its two-hundred day moving average price is $78.80. MGE Energy Inc. has a 1-year low of $72.16 and a 1-year high of $87.94. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.61.

MGE Energy (NASDAQ:MGEE) last posted its earnings results on Wednesday, August 5th. The utilities provider reported $0.89 EPS for the quarter, topping the consensus estimate of $0.77 by $0.12. MGE Energy had a net margin of 19.45% and a return on equity of 11.10%. The company had revenue of $161.19 million during the quarter, compared to the consensus estimate of $166.37 million. On average, equities research analysts predict that MGE Energy Inc. will post 3.99 earnings per share for the current fiscal year.

MGE Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.5083 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.03 dividend on an annualized basis and a yield of 2.6%. This is an increase from MGE Energy’s previous quarterly dividend of $0.47. MGE Energy’s dividend payout ratio is presently 46.68%.

Analyst Ratings Changes

A number of analysts recently commented on the company. LADENBURG THALM/SH SH raised MGE Energy from a “neutral” rating to a “buy” rating and set a $81.00 target price for the company in a research report on Monday, June 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of MGE Energy in a report on Wednesday, August 5th. Finally, Morgan Stanley reduced their price objective on MGE Energy from $76.00 to $74.00 and set an “underweight” rating for the company in a research note on Friday, August 21st. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, MGE Energy currently has a consensus rating of “Hold” and an average price target of $77.50.

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.