Resona Asset Management Co. Ltd. Takes Position in MGE Energy, Inc. (NASDAQ:MGEE)

Resona Asset Management Co. Ltd. acquired a new position in shares of MGE Energy, Inc. (NASDAQ:MGEE - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 6,496 shares of the utilities provider's stock, valued at approximately $610,000.

Other hedge funds have also recently bought and sold shares of the company. Madison Investment Advisors LLC bought a new position in MGE Energy during the fourth quarter worth about $295,000. JPMorgan Chase & Co. boosted its stake in MGE Energy by 16.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 59,585 shares of the utilities provider's stock worth $5,449,000 after acquiring an additional 8,233 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in MGE Energy by 62,788.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 5,660 shares of the utilities provider's stock valued at $532,000 after purchasing an additional 5,651 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in MGE Energy in the fourth quarter worth $208,000. Finally, State Street Corp boosted its position in shares of MGE Energy by 0.5% during the third quarter. State Street Corp now owns 1,460,360 shares of the utilities provider's stock worth $133,550,000 after purchasing an additional 7,294 shares in the last quarter. 52.58% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on MGEE shares. Morgan Stanley upped their price objective on shares of MGE Energy from $78.00 to $80.00 and gave the company an "underweight" rating in a research report on Thursday, March 20th. LADENBURG THALM/SH SH upgraded MGE Energy to a "strong sell" rating in a research report on Monday, March 17th.

Insiders Place Their Bets

In other news, Director James G. Berbee bought 446 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average cost of $90.83 per share, for a total transaction of $40,510.18. Following the completion of the acquisition, the director now owns 11,532 shares in the company, valued at approximately $1,047,451.56. This represents a 4.02 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.19% of the company's stock.

MGE Energy Stock Up 0.5 %

NASDAQ:MGEE traded up $0.42 during trading hours on Wednesday, reaching $91.18. 11,160 shares of the stock were exchanged, compared to its average volume of 143,369. The stock has a market cap of $3.33 billion, a PE ratio of 27.90 and a beta of 0.71. MGE Energy, Inc. has a twelve month low of $72.27 and a twelve month high of $109.22. The firm has a 50 day moving average of $90.95 and a 200 day moving average of $93.52. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.41 and a quick ratio of 0.94.

MGE Energy (NASDAQ:MGEE - Get Free Report) last announced its earnings results on Tuesday, February 25th. The utilities provider reported $0.61 EPS for the quarter, missing the consensus estimate of $0.84 by ($0.23). The business had revenue of $171.42 million for the quarter. MGE Energy had a return on equity of 10.18% and a net margin of 17.70%. On average, equities analysts expect that MGE Energy, Inc. will post 3.43 earnings per share for the current year.

MGE Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Saturday, March 15th. Shareholders of record on Saturday, March 1st were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 1.97%. The ex-dividend date of this dividend was Friday, February 28th. MGE Energy's dividend payout ratio (DPR) is 54.05%.

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.