Summit Global Investments Trims Stake in MGE Energy Inc. $MGEE

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

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Hilltop National Bank bought a new stake in shares of MGE Energy in the second quarter valued at about $41,000. Steward Partners Investment Advisory LLC raised its holdings in shares of MGE Energy by 107.3% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 485 shares of the utilities provider’s stock valued at $43,000 after purchasing an additional 251 shares in the last quarter. Private Trust Co. NA purchased a new stake in shares of MGE Energy in the 2nd quarter worth approximately $45,000. Smartleaf Asset Management LLC boosted its stake in shares of MGE Energy by 19.1% during the second quarter. Smartleaf Asset Management LLC now owns 1,326 shares of the utilities provider’s stock valued at $117,000 after purchasing an additional 213 shares in the last quarter. Finally, Allworth Financial LP increased its holdings in MGE Energy by 2,430.0% during the second quarter. Allworth Financial LP now owns 1,518 shares of the utilities provider’s stock valued at $134,000 after buying an additional 1,458 shares during the period. Institutional investors own 52.58% of the company’s stock.

MGE Energy Stock Performance

Shares of MGEE opened at $79.88 on Monday. MGE Energy Inc. has a 12 month low of $76.47 and a 12 month high of $95.00. The stock has a fifty day moving average price of $79.45 and a 200-day moving average price of $82.68. The company has a current ratio of 0.91, a quick ratio of 0.59 and a debt-to-equity ratio of 0.57. The firm has a market cap of $2.92 billion, a PE ratio of 21.65 and a beta of 0.82.

MGE Energy (NASDAQ:MGEE) last announced its earnings results on Wednesday, November 5th. The utilities provider reported $1.22 earnings per share for the quarter, topping 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 firm had revenue of $175.68 million for the quarter. Equities research analysts predict that MGE Energy Inc. will post 3.43 earnings per share for the current fiscal year.

MGE Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, March 15th. Stockholders 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 annualized dividend and a dividend yield of 2.4%. MGE Energy’s dividend payout ratio is 51.49%.

Analyst Upgrades and Downgrades

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

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.