Principal Financial Group Inc. Sells 14,098 Shares of MGE Energy, Inc. (NASDAQ:MGEE)

Principal Financial Group Inc. lowered its stake in MGE Energy, Inc. (NASDAQ:MGEE - Free Report) by 7.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 183,893 shares of the utilities provider's stock after selling 14,098 shares during the period. Principal Financial Group Inc. owned 0.51% of MGE Energy worth $16,817,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Assetmark Inc. purchased a new position in shares of MGE Energy during the 3rd quarter worth approximately $35,000. Covestor Ltd boosted its position in shares of MGE Energy by 37.3% during the third quarter. Covestor Ltd now owns 453 shares of the utilities provider's stock valued at $42,000 after purchasing an additional 123 shares in the last quarter. Quest Partners LLC grew its stake in MGE Energy by 5,088.9% in the second quarter. Quest Partners LLC now owns 467 shares of the utilities provider's stock worth $35,000 after purchasing an additional 458 shares during the period. DekaBank Deutsche Girozentrale bought a new position in MGE Energy in the second quarter worth $58,000. Finally, nVerses Capital LLC purchased a new position in MGE Energy during the second quarter valued at $75,000. 52.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Morgan Stanley upped their target price on shares of MGE Energy from $71.00 to $74.00 and gave the stock an "underweight" rating in a research report on Wednesday, September 25th. LADENBURG THALM/SH SH raised shares of MGE Energy to a "strong sell" rating in a research note on Thursday, December 12th.

MGE Energy Stock Down 0.4 %

NASDAQ:MGEE traded down $0.35 during trading hours on Friday, reaching $95.09. 157,094 shares of the company traded hands, compared to its average volume of 210,301. The company has a current ratio of 1.41, a quick ratio of 0.94 and a debt-to-equity ratio of 0.60. The business's 50-day moving average price is $98.35 and its two-hundred day moving average price is $89.52. MGE Energy, Inc. has a 1 year low of $61.94 and a 1 year high of $109.22. The stock has a market capitalization of $3.44 billion, a P/E ratio of 29.08 and a beta of 0.74.

MGE Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Sunday, December 15th. Stockholders of record on Sunday, December 1st were given a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 1.89%. The ex-dividend date of this dividend was Friday, November 29th. MGE Energy's dividend payout ratio is presently 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.