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

MGE Energy (NASDAQ:MGEE) had its target price decreased by Morgan Stanley from $76.00 to $75.00 in a report issued on Thursday morning,Benzinga reports. Morgan Stanley currently has an underweight rating on the utilities provider’s stock.

A number of other equities analysts also recently issued reports on MGEE. LADENBURG THALM/SH SH upgraded MGE Energy from a “sell” rating to a “neutral” rating and raised their price target for the stock from $69.00 to $83.00 in a research note on Thursday, September 11th. Wall Street Zen downgraded MGE Energy from a “buy” rating to a “hold” rating in a research note on Saturday, July 26th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $79.00.

MGE Energy Stock Down 1.2%

MGEE opened at $83.00 on Thursday. The company has a quick ratio of 1.20, a current ratio of 1.80 and a debt-to-equity ratio of 0.60. The firm has a 50 day moving average price of $84.90 and a 200-day moving average price of $88.24. MGE Energy has a twelve month low of $82.21 and a twelve month high of $109.22. The stock has a market capitalization of $3.03 billion, a price-to-earnings ratio of 23.06 and a beta of 0.80.

MGE Energy (NASDAQ:MGEE) last issued its earnings results on Wednesday, August 6th. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.01). MGE Energy had a return on equity of 10.58% and a net margin of 18.24%.The company had revenue of $159.45 million during the quarter. Equities research analysts forecast that MGE Energy will post 3.43 earnings per share for the current year.

MGE Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 1st were given a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Friday, August 29th. This is an increase from MGE Energy’s previous quarterly dividend of $0.45. MGE Energy’s payout ratio is presently 52.78%.

Insider Activity

In other news, Director James G. Berbee bought 507 shares of MGE Energy stock in a transaction that occurred on Friday, August 15th. The stock was bought at an average cost of $83.83 per share, with a total value of $42,501.81. Following the acquisition, the director owned 6,329 shares of the company’s stock, valued at $530,560.07. The trade was a 8.71% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On MGE Energy

Several large investors have recently added to or reduced their stakes in the company. Creative Financial Designs Inc. ADV grew its stake in MGE Energy by 1.8% in the first quarter. Creative Financial Designs Inc. ADV now owns 7,215 shares of the utilities provider’s stock worth $671,000 after purchasing an additional 126 shares in the last quarter. Xponance Inc. raised its position in MGE Energy by 5.1% during the 1st quarter. Xponance Inc. now owns 2,725 shares of the utilities provider’s stock valued at $253,000 after purchasing an additional 131 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in shares of MGE Energy by 47.3% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 526 shares of the utilities provider’s stock worth $47,000 after buying an additional 169 shares during the period. Maryland State Retirement & Pension System grew its position in shares of MGE Energy by 1.6% during the 2nd quarter. Maryland State Retirement & Pension System now owns 10,738 shares of the utilities provider’s stock worth $950,000 after buying an additional 172 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its position in shares of MGE Energy by 19.1% during the 2nd quarter. Smartleaf Asset Management LLC now owns 1,326 shares of the utilities provider’s stock worth $117,000 after buying an additional 213 shares in the last quarter. Hedge funds and other institutional investors own 52.58% of the company’s stock.

About MGE Energy

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