Renaissance Technologies LLC Boosts Stock Position in MGE Energy Inc. $MGEE

Renaissance Technologies LLC lifted its holdings in shares of MGE Energy Inc. (NASDAQ:MGEE) by 46.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 67,600 shares of the utilities provider’s stock after buying an additional 21,300 shares during the quarter. Renaissance Technologies LLC owned approximately 0.18% of MGE Energy worth $5,225,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in MGEE. Deprince Race & Zollo Inc. purchased a new stake in MGE Energy in the 1st quarter worth $21,418,000. Qube Research & Technologies Ltd lifted its holdings in MGE Energy by 167.5% during the third quarter. Qube Research & Technologies Ltd now owns 162,217 shares of the utilities provider’s stock valued at $13,655,000 after purchasing an additional 101,586 shares in the last quarter. Jane Street Group LLC grew its position in shares of MGE Energy by 718.5% in the first quarter. Jane Street Group LLC now owns 75,007 shares of the utilities provider’s stock valued at $6,973,000 after purchasing an additional 65,843 shares during the period. Speece Thorson Capital Group Inc. grew its position in shares of MGE Energy by 44.3% in 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 during the period. Finally, Two Sigma Investments LP increased its stake in shares of MGE Energy by 181.1% during the third quarter. Two Sigma Investments LP now owns 80,758 shares of the utilities provider’s stock worth $6,798,000 after purchasing an additional 52,031 shares in the last quarter. Hedge funds and other institutional investors own 52.58% of the company’s stock.

MGE Energy Price Performance

MGE Energy stock opened at $80.44 on Thursday. The company has a fifty day simple moving average of $79.22 and a 200-day simple moving average of $78.70. The firm has a market capitalization of $2.96 billion, a price-to-earnings ratio of 20.63 and a beta of 0.71. The company has a quick ratio of 0.83, a current ratio of 1.15 and a debt-to-equity ratio of 0.65. MGE Energy Inc. has a 52-week low of $72.16 and a 52-week high of $88.01.

MGE Energy (NASDAQ:MGEE) last posted its quarterly earnings results on Wednesday, August 5th. The utilities provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.12. MGE Energy had a net margin of 18.61% and a return on equity of 10.94%. The firm had revenue of $161.19 million for the quarter, compared to the consensus estimate of $166.37 million. On average, equities analysts anticipate that MGE Energy Inc. will post 3.99 EPS for the current fiscal year.

MGE Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Monday, June 1st. MGE Energy’s payout ratio is currently 48.72%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. LADENBURG THALM/SH SH upgraded shares of MGE Energy from a “neutral” rating to a “buy” rating and set a $81.00 price target 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 research note on Friday, May 8th. Finally, Morgan Stanley restated an “underweight” rating and issued a $76.00 target price on shares of MGE Energy in a research report on Wednesday, July 22nd. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $78.50.

MGE Energy 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.