HighTower Advisors LLC Cuts Stake in MGE Energy, Inc. (NASDAQ:MGEE)

HighTower Advisors LLC cut its holdings in shares of MGE Energy, Inc. (NASDAQ:MGEE) by 1.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,030 shares of the utilities provider’s stock after selling 131 shares during the period. HighTower Advisors LLC’s holdings in MGE Energy were worth $648,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Covestor Ltd grew its holdings in shares of MGE Energy by 37.3% during the third quarter. Covestor Ltd now owns 453 shares of the utilities provider’s stock valued at $42,000 after buying an additional 123 shares during the last quarter. Bank of Montreal Can grew its stake in MGE Energy by 1.6% during the 2nd quarter. Bank of Montreal Can now owns 9,149 shares of the utilities provider’s stock valued at $705,000 after purchasing an additional 140 shares during the last quarter. Inspire Investing LLC increased its holdings in shares of MGE Energy by 3.2% in the second quarter. Inspire Investing LLC now owns 4,702 shares of the utilities provider’s stock valued at $351,000 after purchasing an additional 144 shares during the period. Arizona State Retirement System raised its stake in shares of MGE Energy by 1.9% in the second quarter. Arizona State Retirement System now owns 10,126 shares of the utilities provider’s stock worth $757,000 after purchasing an additional 187 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of MGE Energy by 9.0% during the second quarter. Nisa Investment Advisors LLC now owns 2,566 shares of the utilities provider’s stock worth $192,000 after purchasing an additional 212 shares during the period. Hedge funds and other institutional investors own 52.58% of the company’s stock.

MGE Energy Stock Performance

NASDAQ MGEE opened at $93.94 on Friday. The firm has a market capitalization of $3.40 billion, a P/E ratio of 28.73 and a beta of 0.74. The stock has a 50-day simple moving average of $97.94 and a two-hundred day simple moving average of $88.78. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.94 and a current ratio of 1.41. MGE Energy, Inc. has a fifty-two week low of $61.94 and a fifty-two week high of $109.22.

MGE Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Sunday, December 15th. Investors of record on Sunday, December 1st were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 1.92%. The ex-dividend date was Friday, November 29th. MGE Energy’s dividend payout ratio is currently 55.05%.

Analysts Set New Price Targets

MGEE has been the topic of several research reports. LADENBURG THALM/SH SH upgraded shares of MGE Energy to a “strong sell” rating in a report on Thursday, December 12th. Morgan Stanley upped their price objective on shares of MGE Energy from $71.00 to $74.00 and gave the company an “underweight” rating in a report on Wednesday, September 25th.

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.