MGE Energy, Inc. (NASDAQ:MGEE) Short Interest Down 17.5% in October

MGE Energy, Inc. (NASDAQ:MGEEGet Rating) was the recipient of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 295,800 shares, a drop of 17.5% from the October 15th total of 358,600 shares. Based on an average daily trading volume, of 90,000 shares, the short-interest ratio is currently 3.3 days. Currently, 0.8% of the company’s stock are sold short.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Morgan Stanley raised their price target on shares of MGE Energy from $59.00 to $63.00 and gave the stock an “underweight” rating in a research note on Friday. StockNews.com started coverage on shares of MGE Energy in a report on Wednesday, October 12th. They issued a “hold” rating for the company.

Hedge Funds Weigh In On MGE Energy

A number of large investors have recently added to or reduced their stakes in MGEE. Dimensional Fund Advisors LP increased its position in shares of MGE Energy by 0.5% in the third quarter. Dimensional Fund Advisors LP now owns 748,511 shares of the utilities provider’s stock valued at $49,127,000 after acquiring an additional 3,412 shares during the period. Oarsman Capital Inc. increased its position in shares of MGE Energy by 2.7% in the third quarter. Oarsman Capital Inc. now owns 6,383 shares of the utilities provider’s stock valued at $419,000 after acquiring an additional 170 shares during the period. Tower Research Capital LLC TRC increased its position in shares of MGE Energy by 288.2% in the third quarter. Tower Research Capital LLC TRC now owns 4,631 shares of the utilities provider’s stock valued at $303,000 after acquiring an additional 3,438 shares during the period. Virtu Financial LLC purchased a new position in shares of MGE Energy in the third quarter valued at about $508,000. Finally, Inspire Investing LLC increased its position in shares of MGE Energy by 15.7% in the third quarter. Inspire Investing LLC now owns 3,140 shares of the utilities provider’s stock valued at $206,000 after acquiring an additional 425 shares during the period. Hedge funds and other institutional investors own 50.39% of the company’s stock.

MGE Energy Stock Performance

NASDAQ MGEE opened at $69.13 on Monday. MGE Energy has a 52-week low of $61.67 and a 52-week high of $86.27. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.64 and a current ratio of 1.03. The company has a market capitalization of $2.50 billion, a P/E ratio of 24.34, a P/E/G ratio of 5.43 and a beta of 0.68. The company has a fifty day moving average of $69.65 and a 200-day moving average of $75.95.

MGE Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 1st will be given a $0.407 dividend. This represents a $1.63 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date is Wednesday, November 30th. MGE Energy’s payout ratio is presently 57.39%.

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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