Praxis Investment Management Inc. Sells 2,270 Shares of MGE Energy Inc. $MGEE

Praxis Investment Management Inc. cut its position in MGE Energy Inc. (NASDAQ:MGEE) by 47.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,550 shares of the utilities provider’s stock after selling 2,270 shares during the quarter. Praxis Investment Management Inc.’s holdings in MGE Energy were worth $226,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. GAMMA Investing LLC raised its holdings in MGE Energy by 5.4% in the first quarter. GAMMA Investing LLC now owns 4,908 shares of the utilities provider’s stock worth $456,000 after purchasing an additional 251 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of MGE Energy by 45.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 8,220 shares of the utilities provider’s stock worth $764,000 after acquiring an additional 2,560 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of MGE Energy during the first quarter worth about $332,000. XTX Topco Ltd purchased a new stake in shares of MGE Energy during the first quarter worth about $306,000. Finally, Intech Investment Management LLC grew its stake in shares of MGE Energy by 43.9% during the first quarter. Intech Investment Management LLC now owns 20,777 shares of the utilities provider’s stock worth $1,931,000 after acquiring an additional 6,341 shares during the last quarter. 52.58% of the stock is currently owned by institutional investors.

MGE Energy Trading Down 0.0%

Shares of MGEE opened at $84.31 on Monday. MGE Energy Inc. has a 52-week low of $81.14 and a 52-week high of $109.22. The stock has a market cap of $3.08 billion, a PE ratio of 23.42 and a beta of 0.79. The firm’s fifty day moving average is $84.41 and its two-hundred day moving average is $87.23. The company has a quick ratio of 1.20, a current ratio of 1.80 and a debt-to-equity ratio of 0.60.

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

MGE Energy Increases Dividend

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

Analyst Ratings Changes

MGEE has been the topic of a number of research analyst reports. Morgan Stanley dropped their price target on MGE Energy from $76.00 to $75.00 and set an “underweight” rating on the stock in a research note on Thursday, September 25th. LADENBURG THALM/SH SH upgraded MGE Energy from a “sell” rating to a “neutral” rating and upped their target price for the company from $69.00 to $83.00 in a research report on Thursday, September 11th. Weiss Ratings lowered MGE Energy from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, October 8th. Finally, Wall Street Zen lowered MGE Energy from a “buy” rating to a “hold” rating in a research report on Saturday, July 26th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $79.00.

Insider Buying and Selling at MGE Energy

In other MGE Energy news, Director James G. Berbee purchased 507 shares of the firm’s stock in a transaction dated Friday, August 15th. The shares were purchased at an average cost of $83.83 per share, with a total value of $42,501.81. Following the completion of the purchase, the director owned 6,329 shares in the company, valued at approximately $530,560.07. This represents a 8.71% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.19% 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.