9,585 Shares in MGE Energy, Inc. (NASDAQ:MGEE) Acquired by Deerfield Management Company L.P. Series C

Deerfield Management Company L.P. Series C bought a new position in shares of MGE Energy, Inc. (NASDAQ:MGEE) in the second quarter, Holdings Channel reports. The fund bought 9,585 shares of the utilities provider’s stock, valued at approximately $716,000.

Several other hedge funds have also recently added to or reduced their stakes in MGEE. Squarepoint Ops LLC acquired a new stake in MGE Energy during the 2nd quarter worth about $1,671,000. Bank of Montreal Can increased its position in shares of MGE Energy by 1.6% in the second quarter. Bank of Montreal Can now owns 9,149 shares of the utilities provider’s stock worth $705,000 after acquiring an additional 140 shares in the last quarter. Public Sector Pension Investment Board increased its position in shares of MGE Energy by 7.4% in the second quarter. Public Sector Pension Investment Board now owns 79,592 shares of the utilities provider’s stock worth $5,947,000 after acquiring an additional 5,472 shares in the last quarter. Inspire Investing LLC raised 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 valued at $351,000 after acquiring an additional 144 shares during the period. Finally, Vanguard Personalized Indexing Management LLC lifted its position in shares of MGE Energy by 31.6% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 4,164 shares of the utilities provider’s stock valued at $311,000 after acquiring an additional 999 shares in the last quarter. Institutional investors and hedge funds own 52.58% of the company’s stock.

MGE Energy Stock Down 0.5 %

Shares of MGE Energy stock opened at $90.06 on Friday. MGE Energy, Inc. has a 1 year low of $61.94 and a 1 year high of $93.15. The company has a market cap of $3.26 billion, a P/E ratio of 27.13 and a beta of 0.70. 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 stock has a 50-day moving average price of $87.21 and a 200 day moving average price of $81.07.

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

MGE Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, September 15th. Shareholders of record on Sunday, September 1st were paid a dividend of $0.45 per share. The ex-dividend date was Friday, August 30th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.00%. This is a positive change from MGE Energy’s previous quarterly dividend of $0.43. MGE Energy’s dividend payout ratio (DPR) is 54.22%.

Wall Street Analyst Weigh In

Separately, Morgan Stanley lifted their price objective on shares of MGE Energy from $71.00 to $74.00 and gave the stock an “underweight” rating in a research report on Wednesday.

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.