Corebridge Financial Inc. Lowers Stake in MGE Energy Inc. $MGEE

Corebridge Financial Inc. lowered its stake in shares of MGE Energy Inc. (NASDAQ:MGEE) by 1.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,029 shares of the utilities provider’s stock after selling 372 shares during the period. Corebridge Financial Inc. owned 0.05% of MGE Energy worth $1,769,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Campbell & CO Investment Adviser LLC purchased a new stake in MGE Energy during the first quarter worth $1,214,000. Jump Financial LLC purchased a new stake in shares of MGE Energy during the 1st quarter valued at $374,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of MGE Energy by 8.4% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 9,164 shares of the utilities provider’s stock valued at $852,000 after purchasing an additional 713 shares during the last quarter. AlphaQuest LLC lifted its holdings in shares of MGE Energy by 90.0% during the 1st quarter. AlphaQuest LLC now owns 15,696 shares of the utilities provider’s stock valued at $1,459,000 after purchasing an additional 7,435 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of MGE Energy by 0.3% during the 1st quarter. Northern Trust Corp now owns 394,414 shares of the utilities provider’s stock valued at $36,665,000 after purchasing an additional 1,287 shares during the last quarter. Hedge funds and other institutional investors own 52.58% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. LADENBURG THALM/SH SH upgraded MGE Energy to a “strong sell” rating in a report on Friday, May 9th. Wall Street Zen lowered MGE Energy from a “buy” rating to a “hold” rating in a report on Saturday, July 26th. Finally, Morgan Stanley reiterated an “underweight” rating on shares of MGE Energy in a report on Thursday, August 21st. Two investment analysts have rated the stock with a Sell rating, According to MarketBeat.com, MGE Energy currently has an average rating of “Sell” and an average price target of $74.00.

MGE Energy Stock Performance

Shares of MGEE stock opened at $84.73 on Wednesday. The firm has a market capitalization of $3.10 billion, a price-to-earnings ratio of 23.54 and a beta of 0.80. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.80 and a quick ratio of 1.20. The business has a fifty day moving average of $86.21 and a 200 day moving average of $89.07. MGE Energy Inc. has a 1 year low of $82.21 and a 1 year high of $109.22.

MGE Energy (NASDAQ:MGEE) last issued its earnings results on Wednesday, August 6th. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.01). The firm had revenue of $159.45 million during the quarter. MGE Energy had a return on equity of 10.58% and a net margin of 18.24%. As a group, research analysts expect that MGE Energy Inc. will post 3.43 earnings per share for the current year.

MGE Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 1st will be given a dividend of $0.475 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.90 annualized dividend and a yield of 2.2%. This is an increase from MGE Energy’s previous quarterly dividend of $0.45. MGE Energy’s payout ratio is 52.78%.

Insiders Place Their Bets

In related news, Director James G. Berbee purchased 507 shares of the business’s stock in a transaction on Friday, August 15th. The shares were bought at an average cost of $83.83 per share, with a total value of $42,501.81. Following the transaction, the director owned 6,329 shares of the company’s stock, valued at approximately $530,560.07. This trade represents a 8.71% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.19% of the company’s stock.

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.