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

Principal Financial Group Inc. lowered its holdings in shares of MGE Energy, Inc. (NASDAQ:MGEE) by 7.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 183,893 shares of the utilities provider’s stock after selling 14,098 shares during the period. Principal Financial Group Inc.’s holdings in MGE Energy were worth $16,817,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of MGEE. Bank of New York Mellon Corp raised its stake in shares of MGE Energy by 3.6% during the second quarter. Bank of New York Mellon Corp now owns 444,057 shares of the utilities provider’s stock valued at $33,180,000 after acquiring an additional 15,522 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in MGE Energy by 5.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,508 shares of the utilities provider’s stock worth $561,000 after buying an additional 365 shares during the last quarter. Van ECK Associates Corp grew its holdings in MGE Energy by 8.7% in the second quarter. Van ECK Associates Corp now owns 9,338 shares of the utilities provider’s stock worth $698,000 after purchasing an additional 750 shares during the period. nVerses Capital LLC acquired a new stake in MGE Energy in the second quarter worth $75,000. Finally, Valmark Advisers Inc. acquired a new stake in MGE Energy in the second quarter worth $341,000. Institutional investors own 52.58% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on MGEE shares. LADENBURG THALM/SH SH upgraded shares of MGE Energy to a “strong sell” rating in a report on Thursday, December 12th. 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 Down 0.4 %

Shares of NASDAQ MGEE opened at $95.09 on Friday. The stock has a market capitalization of $3.44 billion, a P/E ratio of 29.08 and a beta of 0.74. The company has a 50-day moving average price of $98.31 and a 200-day moving average price of $89.39. MGE Energy, Inc. has a 1 year low of $61.94 and a 1 year high of $109.22. 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 Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, December 15th. Investors of record on Sunday, December 1st were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend was Friday, November 29th. MGE Energy’s dividend payout ratio (DPR) is presently 55.05%.

MGE Energy Company Profile

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.