Covestor Ltd Purchases 123 Shares of MGE Energy, Inc. (NASDAQ:MGEE)

Covestor Ltd increased its position in MGE Energy, Inc. (NASDAQ:MGEE) by 37.3% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 453 shares of the utilities provider’s stock after buying an additional 123 shares during the quarter. Covestor Ltd’s holdings in MGE Energy were worth $42,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the stock. Bank of Montreal Can increased its stake in MGE Energy by 1.6% in the 2nd quarter. Bank of Montreal Can now owns 9,149 shares of the utilities provider’s stock worth $705,000 after purchasing an additional 140 shares during the period. Inspire Investing LLC increased its stake in MGE Energy by 3.2% in the 2nd quarter. Inspire Investing LLC now owns 4,702 shares of the utilities provider’s stock worth $351,000 after purchasing an additional 144 shares during the period. Arizona State Retirement System increased its stake in MGE Energy by 1.9% in the 2nd 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 period. Nisa Investment Advisors LLC increased its stake in MGE Energy by 9.0% in the 2nd 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. Finally, Exchange Traded Concepts LLC increased its stake in MGE Energy by 1.1% in the 3rd quarter. Exchange Traded Concepts LLC now owns 19,636 shares of the utilities provider’s stock worth $1,796,000 after purchasing an additional 217 shares during the period. 52.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Morgan Stanley lifted their price target on 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 Price Performance

MGEE opened at $104.86 on Friday. 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 52-week low of $61.94 and a 52-week high of $109.22. The stock has a market capitalization of $3.80 billion, a PE ratio of 32.07 and a beta of 0.71. The stock’s 50 day moving average price is $92.73 and its 200-day moving average price is $85.25.

MGE Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 15th. Stockholders of record on Sunday, December 1st will be paid a dividend of $0.45 per share. The ex-dividend date is Friday, November 29th. This represents a $1.80 annualized dividend and a dividend yield of 1.72%. MGE Energy’s dividend payout ratio (DPR) is presently 55.05%.

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.