JPMorgan Chase & Co. Grows Position in MGE Energy Inc. $MGEE

JPMorgan Chase & Co. lifted its position in shares of MGE Energy Inc. (NASDAQ:MGEE) by 49.1% during the third quarter, Holdings Channel.com reports. The firm owned 84,700 shares of the utilities provider’s stock after acquiring an additional 27,899 shares during the period. JPMorgan Chase & Co.’s holdings in MGE Energy were worth $7,130,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Nisa Investment Advisors LLC lifted its stake in shares of MGE Energy by 4.9% in the 3rd quarter. Nisa Investment Advisors LLC now owns 2,540 shares of the utilities provider’s stock valued at $214,000 after purchasing an additional 118 shares during the period. Arizona State Retirement System grew its position in MGE Energy by 1.3% during the third quarter. Arizona State Retirement System now owns 10,769 shares of the utilities provider’s stock valued at $907,000 after buying an additional 133 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in MGE Energy by 1.5% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 10,300 shares of the utilities provider’s stock valued at $862,000 after buying an additional 153 shares in the last quarter. Parallel Advisors LLC increased its holdings in MGE Energy by 28.6% in the third quarter. Parallel Advisors LLC now owns 714 shares of the utilities provider’s stock valued at $60,000 after buying an additional 159 shares in the last quarter. Finally, Amalgamated Bank raised its position in shares of MGE Energy by 1.8% in the third quarter. Amalgamated Bank now owns 10,583 shares of the utilities provider’s stock worth $891,000 after acquiring an additional 191 shares during the period. 52.58% of the stock is owned by hedge funds and other institutional investors.

MGE Energy Trading Up 2.4%

Shares of NASDAQ:MGEE opened at $78.02 on Tuesday. The business’s 50 day moving average price is $78.86 and its 200-day moving average price is $80.84. MGE Energy Inc. has a 1 year low of $72.17 and a 1 year high of $94.21. The firm has a market capitalization of $2.85 billion, a price-to-earnings ratio of 20.97 and a beta of 0.81. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.77 and a quick ratio of 0.55.

MGE Energy (NASDAQ:MGEE) last issued its quarterly earnings results on Tuesday, February 24th. The utilities provider reported $0.64 EPS for the quarter, hitting the consensus estimate of $0.64. The company had revenue of $189.55 million during the quarter. MGE Energy had a net margin of 18.27% and a return on equity of 10.60%. On average, equities research analysts forecast that MGE Energy Inc. will post 3.43 earnings per share for the current fiscal year.

MGE Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Sunday, March 15th. Stockholders of record on Sunday, March 1st were paid a dividend of $0.475 per share. The ex-dividend date of this dividend was Friday, February 27th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 2.4%. MGE Energy’s payout ratio is currently 51.08%.

Insider Buying and Selling at MGE Energy

In related news, Director James G. Berbee purchased 373 shares of MGE Energy stock in a transaction that occurred on Wednesday, March 11th. The stock was purchased at an average price of $77.74 per share, for a total transaction of $28,997.02. Following the transaction, the director directly owned 9,362 shares in the company, valued at approximately $727,801.88. This trade represents a 4.15% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 0.19% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on MGEE. Wall Street Zen raised shares of MGE Energy from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. Morgan Stanley cut their price target on MGE Energy from $74.00 to $73.00 and set an “underweight” rating for the company in a research note on Monday, February 2nd. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MGE Energy in a report on Monday, December 29th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $78.00.

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.