Hsbc Holdings PLC Acquires New Stake in MGE Energy Inc. $MGEE

Hsbc Holdings PLC acquired a new stake in MGE Energy Inc. (NASDAQ:MGEE) during the 2nd quarter, Holdings Channel reports. The institutional investor acquired 14,624 shares of the utilities provider’s stock, valued at approximately $1,194,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Hantz Financial Services Inc. lifted its position 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 last quarter. Advisory Services Network LLC purchased a new stake in shares of MGE Energy during the third quarter valued at $40,000. Avalon Trust Co bought a new position in shares of MGE Energy in the second quarter worth about $49,000. Parallel Advisors LLC grew its holdings in shares of MGE Energy by 28.6% in the third quarter. Parallel Advisors LLC now owns 714 shares of the utilities provider’s stock worth $60,000 after purchasing an additional 159 shares during the last quarter. Finally, Versant Capital Management Inc grew its holdings in shares of MGE Energy by 60.3% in the second quarter. Versant Capital Management Inc now owns 744 shares of the utilities provider’s stock worth $61,000 after purchasing an additional 280 shares during the last quarter. Hedge funds and other institutional investors own 52.58% of the company’s stock.

MGE Energy Stock Performance

Shares of MGE Energy stock opened at $77.69 on Tuesday. The company has a market capitalization of $2.94 billion, a PE ratio of 19.09 and a beta of 0.71. The company has a 50-day simple moving average of $80.81 and a two-hundred day simple moving average of $78.78. MGE Energy Inc. has a one year low of $72.16 and a one year high of $87.94. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.79 and a current ratio of 1.14.

MGE Energy (NASDAQ:MGEE) last released its quarterly earnings results on Wednesday, August 5th. The utilities provider reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.12. MGE Energy had a net margin of 19.45% and a return on equity of 11.10%. The business had revenue of $161.19 million for the quarter, compared to analysts’ expectations of $166.37 million. Research analysts expect that MGE Energy Inc. will post 3.99 EPS for the current fiscal 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 paid a $0.5083 dividend. This represents a $2.03 annualized dividend and a yield of 2.6%. This is a positive change from MGE Energy’s previous quarterly dividend of $0.47. The ex-dividend date is Tuesday, September 1st. MGE Energy’s payout ratio is 46.68%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MGEE. Weiss Ratings reiterated a “hold (c)” rating on shares of MGE Energy in a report on Wednesday, August 5th. Morgan Stanley lowered their price objective on shares of MGE Energy from $76.00 to $74.00 and set an “underweight” rating for the company in a research report on Friday, August 21st. Finally, LADENBURG THALM/SH SH upgraded shares of MGE Energy from a “neutral” rating to a “buy” rating and set a $81.00 target price on the stock in a research note on Monday, June 8th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target 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.