Short Interest in MGE Energy Inc. (NASDAQ:MGEE) Expands By 225.6%

MGE Energy Inc. (NASDAQ:MGEE) was the recipient of a significant increase in short interest in May. As of May 15th, there was short interest totaling 1,533,881 shares, an increase of 225.6% from the April 30th total of 471,132 shares. Based on an average daily trading volume, of 440,425 shares, the days-to-cover ratio is presently 3.5 days. Approximately 4.2% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Morgan Stanley reiterated an “underweight” rating and set a $70.00 target price on shares of MGE Energy in a research report on Thursday, May 21st. Wall Street Zen upgraded MGE Energy from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of MGE Energy in a research report on Friday, May 8th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $76.50.

MGE Energy Price Performance

MGEE traded down $0.29 during trading on Friday, reaching $75.31. 97,527 shares of the stock were exchanged, compared to its average volume of 214,333. The business’s 50 day moving average price is $77.36 and its two-hundred day moving average price is $79.00. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.15 and a quick ratio of 0.83. The company has a market capitalization of $2.77 billion, a price-to-earnings ratio of 19.32 and a beta of 0.76. MGE Energy has a 1 year low of $72.17 and a 1 year high of $91.49.

MGE Energy (NASDAQ:MGEE) last posted its earnings results on Tuesday, May 5th. The utilities provider reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.19. MGE Energy had a return on equity of 10.94% and a net margin of 18.61%.The company had revenue of $242.70 million for the quarter, compared to the consensus estimate of $227.06 million. As a group, equities research analysts anticipate that MGE Energy will post 3.94 earnings per share for the current year.

MGE Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be given a $0.475 dividend. This represents a $1.90 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Monday, June 1st. MGE Energy’s dividend payout ratio is currently 48.72%.

Insider Buying and Selling at MGE Energy

In other MGE Energy news, Director James G. Berbee purchased 373 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The shares were purchased at an average cost of $77.74 per share, for a total transaction of $28,997.02. Following the completion of the purchase, the director directly owned 9,362 shares in the company, valued at $727,801.88. This represents a 4.15% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.41% of the stock is currently owned by company insiders.

Institutional Trading of MGE Energy

Institutional investors and hedge funds have recently made changes to their positions in the stock. Arizona State Retirement System grew its position in shares of MGE Energy by 1.3% during the third quarter. Arizona State Retirement System now owns 10,769 shares of the utilities provider’s stock worth $907,000 after buying an additional 133 shares in the last quarter. Glenmede Trust Co. NA grew its position in shares of MGE Energy by 3.5% during the first quarter. Glenmede Trust Co. NA now owns 4,356 shares of the utilities provider’s stock worth $337,000 after buying an additional 148 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of MGE Energy by 1.5% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 10,300 shares of the utilities provider’s stock worth $862,000 after buying an additional 153 shares in the last quarter. Parallel Advisors LLC grew its position in shares of MGE Energy by 28.6% during the third quarter. Parallel Advisors LLC now owns 714 shares of the utilities provider’s stock worth $60,000 after buying an additional 159 shares in the last quarter. Finally, LPL Financial LLC grew its position in shares of MGE Energy by 0.8% during the fourth quarter. LPL Financial LLC now owns 21,178 shares of the utilities provider’s stock worth $1,661,000 after buying an additional 159 shares in the last quarter. 52.58% of the stock is currently owned by hedge funds and other institutional investors.

MGE Energy Company Profile

MGE Energy, Inc is a public utility holding company headquartered in Madison, Wisconsin. Through its principal subsidiary, Madison Gas and Electric Company (MGE), the company provides regulated electric and natural gas distribution services to residential, commercial and industrial customers in south-central Wisconsin. MGE Energy’s operations encompass the generation, transmission and distribution of electricity as well as the purchase and distribution of natural gas, with an emphasis on reliable service and system resilience.

Since reorganizing as a holding company in 2001, MGE Energy has expanded its portfolio to include nonregulated subsidiaries involved in renewable energy development, energy services and infrastructure support.