Millennium Management LLC Raises Stock Position in MGE Energy, Inc. (NASDAQ:MGEE)

Millennium Management LLC grew its stake in shares of MGE Energy, Inc. (NASDAQ:MGEE) by 136.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 79,200 shares of the utilities provider’s stock after acquiring an additional 45,647 shares during the period. Millennium Management LLC owned about 0.22% of MGE Energy worth $5,918,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of MGEE. Quest Partners LLC raised its holdings in shares of MGE Energy by 5,088.9% in the second quarter. Quest Partners LLC now owns 467 shares of the utilities provider’s stock valued at $35,000 after acquiring an additional 458 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of MGE Energy by 244.6% during the second quarter. GAMMA Investing LLC now owns 672 shares of the utilities provider’s stock valued at $50,000 after purchasing an additional 477 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new position in MGE Energy during the second quarter valued at approximately $58,000. Covestor Ltd increased its holdings in shares of MGE Energy by 43.3% in the 1st quarter. Covestor Ltd now owns 794 shares of the utilities provider’s stock valued at $63,000 after acquiring an additional 240 shares during the period. Finally, nVerses Capital LLC purchased a new stake in shares of MGE Energy during the second quarter valued at about $75,000. Hedge funds and other institutional investors own 52.58% of the company’s stock.

Analysts Set New Price Targets

Separately, Morgan Stanley boosted their price objective on shares of MGE Energy from $71.00 to $74.00 and gave the stock an “underweight” rating in a research note on Wednesday, September 25th.

MGE Energy Stock Performance

Shares of MGE Energy stock opened at $89.66 on Friday. The company has a 50 day moving average price of $88.14 and a 200 day moving average price of $82.08. The firm has a market capitalization of $3.24 billion, a P/E ratio of 27.01 and a beta of 0.70. MGE Energy, Inc. has a 52 week low of $61.94 and a 52 week high of $93.15. The company has a quick ratio of 0.90, a current ratio of 1.32 and a debt-to-equity ratio of 0.61.

MGE Energy (NASDAQ:MGEE) last released its earnings results on Wednesday, August 7th. The utilities provider reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.29). MGE Energy had a net margin of 17.45% and a return on equity of 10.04%. The firm had revenue of $145.71 million during the quarter, compared to analyst estimates of $151.29 million. Sell-side analysts expect that MGE Energy, Inc. will post 3.69 EPS for the current year.

MGE Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, September 15th. Investors of record on Sunday, September 1st were given a dividend of $0.45 per share. The ex-dividend date was Friday, August 30th. This is an increase from MGE Energy’s previous quarterly dividend of $0.43. This represents a $1.80 dividend on an annualized basis and a yield of 2.01%. MGE Energy’s payout ratio is currently 54.22%.

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.