MGE Energy (NASDAQ:MGEE) Reaches New 1-Year High – Here’s Why

MGE Energy, Inc. (NASDAQ:MGEE)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $107.77 and last traded at $107.27, with a volume of 12593 shares traded. The stock had previously closed at $106.20.

Analyst Ratings Changes

Separately, Morgan Stanley upped their price target 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 Trading Up 0.6 %

The company has a debt-to-equity ratio of 0.60, a current ratio of 1.41 and a quick ratio of 0.90. The business’s 50-day simple moving average is $91.14 and its 200-day simple moving average is $84.55. The company has a market cap of $3.87 billion, a price-to-earnings ratio of 32.48 and a beta of 0.71.

MGE Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, December 15th. Shareholders of record on Sunday, December 1st will be issued a $0.45 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.80 dividend on an annualized basis and a yield of 1.68%. MGE Energy’s dividend payout ratio (DPR) is 55.05%.

Hedge Funds Weigh In On MGE Energy

Several institutional investors and hedge funds have recently modified their holdings of the company. Assetmark Inc. purchased a new stake in MGE Energy in the third quarter valued at approximately $35,000. Covestor Ltd lifted its stake in shares of MGE Energy by 37.3% during the third quarter. Covestor Ltd now owns 453 shares of the utilities provider’s stock worth $42,000 after purchasing an additional 123 shares in the last quarter. Quest Partners LLC lifted its position in shares of MGE Energy by 5,088.9% during the second quarter. Quest Partners LLC now owns 467 shares of the utilities provider’s stock worth $35,000 after purchasing an additional 458 shares in the last quarter. GAMMA Investing LLC boosted its position in MGE Energy by 244.6% in the 2nd quarter. GAMMA Investing LLC now owns 672 shares of the utilities provider’s stock valued at $50,000 after buying an additional 477 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of MGE Energy in the second quarter worth about $58,000. Hedge funds and other institutional investors own 52.58% of the company’s stock.

MGE Energy Company 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.