3,400 Shares in MGE Energy, Inc. (NASDAQ:MGEE) Purchased by Cannon Global Investment Management LLC

Cannon Global Investment Management LLC acquired a new stake in MGE Energy, Inc. (NASDAQ:MGEE) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 3,400 shares of the utilities provider’s stock, valued at approximately $319,000.

A number of other institutional investors and hedge funds have also made changes to their positions in MGEE. Charles Schwab Investment Management Inc. increased its holdings in MGE Energy by 2.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 425,461 shares of the utilities provider’s stock worth $38,908,000 after acquiring an additional 8,629 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of MGE Energy by 16.0% in the third quarter. JPMorgan Chase & Co. now owns 59,585 shares of the utilities provider’s stock valued at $5,449,000 after purchasing an additional 8,233 shares during the period. Martingale Asset Management L P increased its stake in shares of MGE Energy by 67.8% during the third quarter. Martingale Asset Management L P now owns 11,912 shares of the utilities provider’s stock worth $1,089,000 after purchasing an additional 4,812 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of MGE Energy by 62,788.9% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 5,660 shares of the utilities provider’s stock worth $532,000 after purchasing an additional 5,651 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its stake in MGE Energy by 2.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 30,849 shares of the utilities provider’s stock valued at $2,821,000 after buying an additional 818 shares in the last quarter. 52.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Morgan Stanley boosted their price objective on MGE Energy from $78.00 to $80.00 and gave the stock an “underweight” rating in a research note on Thursday. LADENBURG THALM/SH SH raised MGE Energy to a “strong sell” rating in a research note on Monday, March 17th.

Insider Activity at MGE Energy

In other news, Director James G. Berbee purchased 446 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average price of $90.83 per share, with a total value of $40,510.18. Following the purchase, the director now directly owns 11,532 shares in the company, valued at approximately $1,047,451.56. This represents a 4.02 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 0.19% of the stock is currently owned by insiders.

MGE Energy Stock Down 1.4 %

Shares of NASDAQ MGEE opened at $91.31 on Monday. The stock has a market cap of $3.33 billion, a PE ratio of 27.92 and a beta of 0.72. The company has a current ratio of 1.41, a quick ratio of 0.94 and a debt-to-equity ratio of 0.60. MGE Energy, Inc. has a 12-month low of $72.27 and a 12-month high of $109.22. The company has a 50-day moving average of $90.88 and a 200 day moving average of $93.50.

MGE Energy (NASDAQ:MGEE) last posted its quarterly earnings results on Tuesday, February 25th. The utilities provider reported $0.61 EPS for the quarter, missing the consensus estimate of $0.84 by ($0.23). MGE Energy had a net margin of 17.70% and a return on equity of 10.18%. The company had revenue of $171.42 million during the quarter. As a group, sell-side analysts predict that MGE Energy, Inc. will post 3.43 EPS for the current fiscal year.

MGE Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Saturday, March 15th. Stockholders of record on Saturday, March 1st were issued a dividend of $0.45 per share. The ex-dividend date was Friday, February 28th. This represents a $1.80 annualized dividend and a dividend yield of 1.97%. MGE Energy’s dividend payout ratio is presently 54.05%.

MGE Energy Company Profile

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.