MGE Energy (NASDAQ:MGEE) Reaches New 12-Month High – Here’s What Happened

MGE Energy, Inc. (NASDAQ:MGEE) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $107.77 and last traded at $107.27, with a volume of 12593 shares traded. The stock had previously closed at $106.20.

Analysts Set New Price Targets

Separately, Morgan Stanley raised their price objective on MGE Energy from $71.00 to $74.00 and gave the company an “underweight” rating in a research note on Wednesday, September 25th.

MGE Energy Price Performance

The business’s 50 day moving average price is $91.14 and its 200 day moving average price is $84.55. The stock has a market capitalization of $3.87 billion, a P/E ratio of 32.48 and a beta of 0.71. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.41 and a quick ratio of 0.90.

MGE Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, December 15th. Stockholders of record on Sunday, December 1st will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 1.68%. The ex-dividend date of this dividend is Friday, November 29th. MGE Energy’s dividend payout ratio is currently 55.05%.

Institutional Investors Weigh In On MGE Energy

A number of institutional investors and hedge funds have recently bought and sold shares of MGEE. Vanguard Group Inc. lifted its stake in shares of MGE Energy by 12.4% during the first quarter. Vanguard Group Inc. now owns 4,699,072 shares of the utilities provider’s stock worth $369,911,000 after buying an additional 518,466 shares during the period. Dimensional Fund Advisors LP boosted its holdings in MGE Energy by 2.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 783,396 shares of the utilities provider’s stock worth $58,536,000 after buying an additional 20,533 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of MGE Energy by 3.6% in the second quarter. Bank of New York Mellon Corp now owns 444,057 shares of the utilities provider’s stock valued at $33,180,000 after buying an additional 15,522 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of 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 during the last quarter. Finally, Public Sector Pension Investment Board lifted its position in MGE Energy by 7.4% in the second quarter. Public Sector Pension Investment Board now owns 79,592 shares of the utilities provider’s stock valued at $5,947,000 after buying an additional 5,472 shares during the last quarter. 52.58% of the stock is owned by institutional investors.

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.