MGE Energy (NASDAQ:MGEE) Given New $78.00 Price Target at Morgan Stanley

MGE Energy (NASDAQ:MGEE) had its price target lowered by Morgan Stanley from $79.00 to $78.00 in a report released on Tuesday morning,Benzinga reports. The firm currently has an underweight rating on the utilities provider’s stock.

A number of other equities research analysts have also recently issued reports on MGEE. Weiss Ratings reiterated a “hold (c+)” rating on shares of MGE Energy in a research note on Monday, December 29th. Wall Street Zen upgraded shares of MGE Energy from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, MGE Energy presently has an average rating of “Reduce” and an average price target of $80.50.

MGE Energy Price Performance

Shares of NASDAQ MGEE opened at $78.65 on Tuesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.77 and a quick ratio of 0.55. The business has a 50-day moving average of $78.65 and a 200-day moving average of $80.30. The stock has a market capitalization of $2.89 billion, a price-to-earnings ratio of 21.14 and a beta of 0.79. MGE Energy has a fifty-two week low of $72.17 and a fifty-two week high of $94.00.

MGE Energy (NASDAQ:MGEE) last released its earnings results on Tuesday, February 24th. The utilities provider reported $0.64 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.64. The business had revenue of $189.55 million for the quarter. MGE Energy had a return on equity of 10.60% and a net margin of 18.27%. As a group, sell-side analysts predict that MGE Energy will post 3.92 earnings per share for the current fiscal year.

Insider Transactions at MGE Energy

In other MGE Energy news, Director James G. Berbee purchased 373 shares of the business’s stock in a transaction on Wednesday, March 11th. The stock was acquired at an average price of $77.74 per share, with a total value of $28,997.02. Following the acquisition, the director directly owned 9,362 shares of the company’s stock, valued at $727,801.88. This trade represents a 4.15% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.41% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MGE Energy

Several large investors have recently modified their holdings of the stock. Louisiana State Employees Retirement System acquired a new stake in shares of MGE Energy during the 1st quarter worth about $1,252,000. SG Americas Securities LLC grew its stake in MGE Energy by 182.7% in the 1st quarter. SG Americas Securities LLC now owns 32,477 shares of the utilities provider’s stock valued at $2,510,000 after buying an additional 20,987 shares during the last quarter. GuidedMoney LLC bought a new position in MGE Energy in the 4th quarter valued at about $285,000. Corient Private Wealth LLC lifted its position in MGE Energy by 106.3% during the fourth quarter. Corient Private Wealth LLC now owns 6,768 shares of the utilities provider’s stock worth $531,000 after acquiring an additional 3,487 shares during the last quarter. Finally, Beacon Pointe Advisors LLC lifted its position in MGE Energy by 6.6% during the fourth quarter. Beacon Pointe Advisors LLC now owns 2,826 shares of the utilities provider’s stock worth $222,000 after acquiring an additional 174 shares during the last quarter. 52.58% of the stock is owned by institutional investors.

About MGE Energy

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.