Canada Pension Plan Investment Board Purchases New Stake in MGE Energy Inc. $MGEE

Canada Pension Plan Investment Board acquired a new position in shares of MGE Energy Inc. (NASDAQ:MGEE) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 10,600 shares of the utilities provider’s stock, valued at approximately $864,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Hantz Financial Services Inc. raised its holdings in shares of MGE Energy by 63.8% during the fourth quarter. Hantz Financial Services Inc. now owns 416 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 162 shares during the period. Advisory Services Network LLC bought a new position in shares of MGE Energy in the 3rd quarter worth about $40,000. Avalon Trust Co acquired a new position in shares of MGE Energy in the 2nd quarter valued at about $49,000. Parallel Advisors LLC boosted its holdings in shares of MGE Energy by 28.6% in the 3rd quarter. Parallel Advisors LLC now owns 714 shares of the utilities provider’s stock valued at $60,000 after buying an additional 159 shares during the period. Finally, Versant Capital Management Inc grew its position in shares of MGE Energy by 60.3% during the 2nd quarter. Versant Capital Management Inc now owns 744 shares of the utilities provider’s stock valued at $61,000 after buying an additional 280 shares during the last quarter. Institutional investors own 52.58% of the company’s stock.

MGE Energy Stock Performance

MGEE stock opened at $77.69 on Tuesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.79 and a current ratio of 1.14. The stock has a market capitalization of $2.94 billion, a price-to-earnings ratio of 19.09 and a beta of 0.71. MGE Energy Inc. has a 1 year low of $72.16 and a 1 year high of $87.94. The stock’s fifty day moving average is $80.81 and its two-hundred day moving average is $78.78.

MGE Energy (NASDAQ:MGEE) last announced its quarterly earnings results on Wednesday, August 5th. The utilities provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.12. The company had revenue of $161.19 million during the quarter, compared to the consensus estimate of $166.37 million. MGE Energy had a net margin of 19.45% and a return on equity of 11.10%. On average, research analysts predict that MGE Energy Inc. will post 3.99 EPS for the current year.

MGE Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a $0.5083 dividend. This is a positive change from MGE Energy’s previous quarterly dividend of $0.47. The ex-dividend date is Tuesday, September 1st. This represents a $2.03 annualized dividend and a yield of 2.6%. MGE Energy’s payout ratio is currently 46.68%.

Analysts Set New Price Targets

MGEE has been the topic of several research reports. LADENBURG THALM/SH SH upgraded shares of MGE Energy from a “neutral” rating to a “buy” rating and set a $81.00 price objective on the stock in a research note on Monday, June 8th. Morgan Stanley decreased their target price on MGE Energy from $76.00 to $74.00 and set an “underweight” rating for the company in a research note on Friday, August 21st. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of MGE Energy in a report on Wednesday, August 5th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, MGE Energy has an average rating of “Hold” and an average target price of $77.50.

MGE Energy Company Profile

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.