First Business Financial Services Inc. Reduces Position in MGE Energy, Inc. (NASDAQ:MGEE)

First Business Financial Services Inc. trimmed its position in shares of MGE Energy, Inc. (NASDAQ:MGEE) by 12.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,808 shares of the utilities provider’s stock after selling 987 shares during the period. First Business Financial Services Inc.’s holdings in MGE Energy were worth $623,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in MGE Energy by 12.4% during the 1st quarter. Vanguard Group Inc. now owns 4,699,072 shares of the utilities provider’s stock valued at $369,911,000 after buying an additional 518,466 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of MGE Energy by 136.0% in the second quarter. Millennium Management LLC now owns 79,200 shares of the utilities provider’s stock valued at $5,918,000 after purchasing an additional 45,647 shares during the period. CANADA LIFE ASSURANCE Co bought a new position in MGE Energy in the first quarter worth approximately $2,187,000. Cetera Investment Advisers increased its holdings in MGE Energy by 360.1% during the 1st quarter. Cetera Investment Advisers now owns 29,622 shares of the utilities provider’s stock worth $2,332,000 after purchasing an additional 23,184 shares during the period. Finally, Squarepoint Ops LLC bought a new stake in MGE Energy during the 2nd quarter valued at $1,671,000. 52.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Morgan Stanley increased their price target on MGE Energy from $71.00 to $74.00 and gave the stock an “underweight” rating in a research report on Wednesday, September 25th.

MGE Energy Stock Down 2.3 %

Shares of NASDAQ MGEE opened at $105.70 on Friday. MGE Energy, Inc. has a 12-month low of $61.94 and a 12-month high of $109.22. The stock’s fifty day simple moving average is $92.36 and its two-hundred day simple moving average is $85.07. The stock has a market capitalization of $3.83 billion, a PE ratio of 32.32 and a beta of 0.71. The company has a current ratio of 1.41, a quick ratio of 0.94 and a debt-to-equity ratio of 0.60.

MGE Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 15th. Investors of record on Sunday, December 1st will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date of this dividend is Friday, November 29th. MGE Energy’s payout ratio is currently 55.05%.

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.