MGE Energy, Inc. (NASDAQ:MGEE) Position Reduced by Corebridge Financial Inc.

Corebridge Financial Inc. reduced its position in MGE Energy, Inc. (NASDAQ:MGEE) by 7.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,401 shares of the utilities provider’s stock after selling 1,515 shares during the period. Corebridge Financial Inc. owned about 0.05% of MGE Energy worth $1,823,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in MGEE. Versant Capital Management Inc grew its position in MGE Energy by 367.1% during the 4th quarter. Versant Capital Management Inc now owns 327 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 257 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of MGE Energy by 88.9% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 357 shares of the utilities provider’s stock worth $34,000 after buying an additional 168 shares during the period. Smartleaf Asset Management LLC grew its holdings in shares of MGE Energy by 507.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,112 shares of the utilities provider’s stock valued at $105,000 after buying an additional 929 shares in the last quarter. KBC Group NV raised its position in MGE Energy by 32.2% during the fourth quarter. KBC Group NV now owns 1,478 shares of the utilities provider’s stock valued at $139,000 after buying an additional 360 shares during the period. Finally, Farther Finance Advisors LLC lifted its stake in MGE Energy by 7,321.7% in the 4th quarter. Farther Finance Advisors LLC now owns 1,707 shares of the utilities provider’s stock worth $160,000 after acquiring an additional 1,684 shares in the last quarter. Institutional investors and hedge funds own 52.58% of the company’s stock.

Insiders Place Their Bets

In other MGE Energy news, Director James G. Berbee acquired 446 shares of MGE Energy stock in a transaction that occurred on Wednesday, March 12th. The stock was acquired at an average price of $90.83 per share, with a total value of $40,510.18. Following the purchase, the director now owns 11,532 shares in the company, valued at approximately $1,047,451.56. This trade represents a 4.02 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.19% of the company’s stock.

MGE Energy Price Performance

Shares of NASDAQ:MGEE opened at $93.07 on Thursday. The firm has a market cap of $3.40 billion, a price-to-earnings ratio of 28.46 and a beta of 0.72. MGE Energy, Inc. has a 1 year low of $72.27 and a 1 year high of $109.22. The company has a current ratio of 1.41, a quick ratio of 0.94 and a debt-to-equity ratio of 0.60. The business has a fifty day simple moving average of $90.92 and a 200 day simple moving average of $93.71.

MGE Energy (NASDAQ:MGEE) last posted its quarterly earnings results on Tuesday, February 25th. The utilities provider reported $0.61 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.23). The firm had revenue of $171.42 million for the quarter. MGE Energy had a return on equity of 10.18% and a net margin of 17.70%. As a group, sell-side analysts predict that MGE Energy, Inc. will post 3.43 earnings per share for the current fiscal year.

MGE Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Saturday, March 15th. Shareholders of record on Saturday, March 1st were given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.93%. The ex-dividend date of this dividend was Friday, February 28th. MGE Energy’s dividend payout ratio is 54.05%.

Wall Street Analysts Forecast Growth

MGEE has been the topic of several research analyst reports. LADENBURG THALM/SH SH raised MGE Energy to a “strong sell” rating in a research note on Monday, March 17th. Morgan Stanley boosted their price objective on shares of MGE Energy from $78.00 to $80.00 and gave the company an “underweight” rating in a research report on Thursday, March 20th.

MGE Energy Profile

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.