AdvisorNet Financial Inc Sells 1,438 Shares of MGE Energy, Inc. (NASDAQ:MGEE)

AdvisorNet Financial Inc cut its position in shares of MGE Energy, Inc. (NASDAQ:MGEEGet Rating) by 53.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,273 shares of the utilities provider’s stock after selling 1,438 shares during the quarter. AdvisorNet Financial Inc’s holdings in MGE Energy were worth $99,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of MGEE. Teacher Retirement System of Texas grew its stake in MGE Energy by 19.9% in the fourth quarter. Teacher Retirement System of Texas now owns 6,986 shares of the utilities provider’s stock valued at $575,000 after purchasing an additional 1,159 shares in the last quarter. IFM Investors Pty Ltd acquired a new stake in MGE Energy during the 1st quarter worth approximately $383,000. WINTON GROUP Ltd acquired a new position in MGE Energy in the 1st quarter valued at $229,000. Bank of America Corp DE raised its holdings in MGE Energy by 21.9% in the 4th quarter. Bank of America Corp DE now owns 62,471 shares of the utilities provider’s stock valued at $5,139,000 after acquiring an additional 11,203 shares in the last quarter. Finally, Madison Asset Management LLC increased its stake in shares of MGE Energy by 16.7% in the 1st quarter. Madison Asset Management LLC now owns 3,138 shares of the utilities provider’s stock valued at $250,000 after purchasing an additional 448 shares during the last quarter. 50.39% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Morgan Stanley boosted their price objective on MGE Energy from $72.00 to $77.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 23rd.

MGE Energy Stock Down 0.6 %

MGEE stock opened at $74.88 on Thursday. The company has a market cap of $2.71 billion, a P/E ratio of 26.00, a price-to-earnings-growth ratio of 6.05 and a beta of 0.64. MGE Energy, Inc. has a fifty-two week low of $69.23 and a fifty-two week high of $86.27. The stock’s 50 day simple moving average is $79.58 and its 200 day simple moving average is $79.21. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.83 and a current ratio of 1.21.

MGE Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were paid a $0.4075 dividend. The ex-dividend date was Wednesday, August 31st. This is an increase from MGE Energy’s previous quarterly dividend of $0.39. This represents a $1.63 annualized dividend and a dividend yield of 2.18%. MGE Energy’s dividend payout ratio is 56.60%.

MGE Energy Profile

(Get Rating)

MGE Energy, Inc, through its subsidiaries, operates as a public utility holding company primarily in Wisconsin. It operates through Regulated Electric Utility Operations; Regulated Gas Utility Operations; Nonregulated Energy Operations; Transmission Investments; and All Other. The company generates, purchases, and distributes electricity; owns or leases electric generation facilities located in Wisconsin and Iowa; and plans, constructs, operates, maintains, and expands transmission facilities to provide transmission services.

Further Reading

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Institutional Ownership by Quarter for MGE Energy (NASDAQ:MGEE)

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