Morgan Stanley Lowers MGE Energy (NASDAQ:MGEE) Price Target to $75.00

MGE Energy (NASDAQ:MGEEGet Rating) had its price objective cut by Morgan Stanley from $77.00 to $75.00 in a research report released on Thursday morning, Stock Target Advisor reports. They currently have an underweight rating on the utilities provider’s stock.

MGE Energy Stock Performance

Shares of MGE Energy stock opened at $75.34 on Thursday. MGE Energy has a one year low of $69.23 and a one year high of $86.27. The company has a market cap of $2.72 billion, a PE ratio of 26.16, a P/E/G ratio of 5.97 and a beta of 0.64. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.83 and a current ratio of 1.21. The business has a 50-day simple moving average of $79.55 and a 200-day simple moving average of $79.20.

MGE Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were paid a dividend of $0.4075 per share. This is a boost from MGE Energy’s previous quarterly dividend of $0.39. The ex-dividend date was Wednesday, August 31st. This represents a $1.63 annualized dividend and a yield of 2.16%. MGE Energy’s payout ratio is presently 56.60%.

Institutional Investors Weigh In On MGE Energy

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in MGE Energy by 0.5% during the first quarter. Vanguard Group Inc. now owns 3,910,789 shares of the utilities provider’s stock worth $312,042,000 after purchasing an additional 19,371 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in MGE Energy by 9.0% during the second quarter. Price T Rowe Associates Inc. MD now owns 2,314,802 shares of the utilities provider’s stock worth $180,161,000 after purchasing an additional 191,995 shares during the last quarter. Victory Capital Management Inc. lifted its stake in MGE Energy by 7.7% during the second quarter. Victory Capital Management Inc. now owns 1,262,569 shares of the utilities provider’s stock worth $98,265,000 after purchasing an additional 90,529 shares during the last quarter. State Street Corp lifted its stake in MGE Energy by 1.2% during the second quarter. State Street Corp now owns 994,804 shares of the utilities provider’s stock worth $77,426,000 after purchasing an additional 11,618 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in MGE Energy by 0.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 817,510 shares of the utilities provider’s stock worth $67,240,000 after purchasing an additional 7,029 shares during the last quarter. Hedge funds and other institutional investors own 50.39% of the company’s stock.

About MGE Energy

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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.

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