Avantax Advisory Services Inc. Purchases 2,166 Shares of MGE Energy, Inc. (NASDAQ:MGEE)

Posted by Defense World Staff on Jul 25th, 2023

Avantax Advisory Services Inc. lifted its position in shares of MGE Energy, Inc. (NASDAQ:MGEE – Free Report) by 30.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,299 shares of the utilities provider’s stock after purchasing an additional 2,166 shares during the period. Avantax Advisory Services Inc.’s holdings in MGE Energy were worth $722,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Ameritas Advisory Services LLC bought a new stake in shares of MGE Energy during the first quarter worth about $49,000. SG Americas Securities LLC grew its holdings in shares of MGE Energy by 55.0% during the first quarter. SG Americas Securities LLC now owns 13,294 shares of the utilities provider’s stock worth $1,033,000 after purchasing an additional 4,718 shares during the last quarter. Arizona State Retirement System grew its holdings in shares of MGE Energy by 2.7% during the first quarter. Arizona State Retirement System now owns 10,478 shares of the utilities provider’s stock worth $814,000 after purchasing an additional 274 shares during the last quarter. Ballentine Partners LLC bought a new stake in shares of MGE Energy during the first quarter worth about $402,000. Finally, Creative Financial Designs Inc. ADV boosted its holdings in MGE Energy by 28.3% in the first quarter. Creative Financial Designs Inc. ADV now owns 6,239 shares of the utilities provider’s stock valued at $485,000 after acquiring an additional 1,376 shares during the last quarter. 51.59% of the stock is currently owned by institutional investors.

MGE Energy Price Performance

Shares of MGEE opened at $82.41 on Tuesday. MGE Energy, Inc. has a 52-week low of $61.67 and a 52-week high of $86.27. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.53. The business’s 50 day moving average price is $77.10 and its two-hundred day moving average price is $75.22. The firm has a market cap of $2.98 billion, a PE ratio of 27.75, a price-to-earnings-growth ratio of 4.62 and a beta of 0.74.

MGE Energy (NASDAQ:MGEE – Get Free Report) last issued its quarterly earnings results on Thursday, May 4th. The utilities provider reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.21). MGE Energy had a net margin of 14.89% and a return on equity of 9.98%. The business had revenue of $217.25 million during the quarter, compared to analyst estimates of $212.90 million. On average, equities analysts anticipate that MGE Energy, Inc. will post 3.32 EPS for the current year.

MGE Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st were given a dividend of $0.4075 per share. This represents a $1.63 dividend on an annualized basis and a dividend yield of 1.98%. This is a positive change from MGE Energy’s previous quarterly dividend of $0.41. The ex-dividend date was Wednesday, May 31st. MGE Energy’s dividend payout ratio is presently 54.88%.

Analyst Ratings Changes

Several analysts recently commented on the company. Morgan Stanley reduced their target price on MGE Energy from $68.00 to $67.00 and set an “underweight” rating on the stock in a report on Friday. StockNews.com initiated coverage on MGE Energy in a research note on Thursday, May 18th. They issued a “hold” rating on the stock.

MGE Energy Company Profile

(Free Report)

MGE Energy, Inc, through its subsidiaries, operates as a public utility holding company primarily in Wisconsin. 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; and plans, constructs, operates, maintains, and expands transmission facilities to provide transmission services.