Millennium Management LLC Buys 45,647 Shares of MGE Energy, Inc. (NASDAQ:MGEE)

Millennium Management LLC grew its stake in MGE Energy, Inc. (NASDAQ:MGEE - Free Report) by 136.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 79,200 shares of the utilities provider's stock after buying an additional 45,647 shares during the quarter. Millennium Management LLC owned 0.22% of MGE Energy worth $5,918,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of Montreal Can increased its holdings in MGE Energy by 1.6% during 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 in the last quarter. Inspire Investing LLC grew its holdings in shares of MGE Energy by 3.2% during the second quarter. Inspire Investing LLC now owns 4,702 shares of the utilities provider's stock worth $351,000 after buying an additional 144 shares in the last quarter. Arizona State Retirement System raised its position 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 valued at $757,000 after buying an additional 187 shares during the last quarter. Nisa Investment Advisors LLC raised its position 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 valued at $192,000 after buying an additional 212 shares during the last quarter. Finally, Covestor Ltd lifted its stake in MGE Energy by 43.3% in the 1st quarter. Covestor Ltd now owns 794 shares of the utilities provider's stock valued at $63,000 after acquiring an additional 240 shares in the last quarter. 52.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley lifted their price objective on shares of MGE Energy from $71.00 to $74.00 and gave the company an "underweight" rating in a report on Wednesday, September 25th.

MGE Energy Stock Up 1.0 %

Shares of MGE Energy stock traded up $0.86 during trading hours on Friday, reaching $90.52. 49,659 shares of the company's stock were exchanged, compared to its average volume of 228,071. The company has a current ratio of 1.32, a quick ratio of 0.90 and a debt-to-equity ratio of 0.61. The company has a 50 day moving average of $88.14 and a two-hundred day moving average of $82.08. The stock has a market cap of $3.28 billion, a P/E ratio of 28.11 and a beta of 0.70. MGE Energy, Inc. has a fifty-two week low of $61.94 and a fifty-two week high of $93.15.

MGE Energy (NASDAQ:MGEE - Get Free Report) last posted its quarterly earnings results on Wednesday, August 7th. The utilities provider reported $0.66 earnings per share for the quarter, missing analysts' consensus estimates of $0.95 by ($0.29). MGE Energy had a net margin of 17.45% and a return on equity of 10.04%. The company had revenue of $145.71 million during the quarter, compared to the consensus estimate of $151.29 million. On average, sell-side analysts forecast that MGE Energy, Inc. will post 3.69 EPS for the current fiscal year.

MGE Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 15th. Stockholders of record on Sunday, September 1st were paid a dividend of $0.45 per share. The ex-dividend date was Friday, August 30th. This is a positive change from MGE Energy's previous quarterly dividend of $0.43. This represents a $1.80 annualized dividend and a dividend yield of 1.99%. MGE Energy's payout ratio is currently 56.43%.

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.