Short Interest in MGE Energy Inc. (NASDAQ:MGEE) Grows By 225.6%
by Amy Steele · The Cerbat GemMGE Energy Inc. (NASDAQ:MGEE – Get Free Report) saw a significant increase in short interest in the month of 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. Approximately 4.2% of the shares of the company are sold short. Based on an average daily trading volume, of 440,425 shares, the short-interest ratio is presently 3.5 days.
MGE Energy Stock Performance
Shares of NASDAQ:MGEE traded down $0.29 during trading on Friday, reaching $75.31. The company had a trading volume of 97,527 shares, compared to its average volume of 214,333. The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of 19.32 and a beta of 0.76. 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 stock’s fifty day moving average price is $77.36 and its 200 day moving average price is $79.00. MGE Energy has a fifty-two week low of $72.17 and a fifty-two week high of $91.49.
MGE Energy (NASDAQ:MGEE – Get Free Report) last released its earnings results on Tuesday, May 5th. The utilities provider reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.19. The business had revenue of $242.70 million for the quarter, compared to analyst estimates of $227.06 million. MGE Energy had a return on equity of 10.94% and a net margin of 18.61%. As a group, equities research analysts predict that MGE Energy will post 3.94 EPS for the current year.
MGE Energy Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be issued a $0.475 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $1.90 dividend on an annualized basis and a dividend yield of 2.5%. MGE Energy’s payout ratio is presently 48.72%.
Wall Street Analysts Forecast Growth
Several research analysts have commented on the company. Wall Street Zen raised MGE Energy from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. Morgan Stanley reaffirmed an “underweight” rating and set a $70.00 price target on shares of MGE Energy in a research report on Thursday, May 21st. Finally, Weiss Ratings reaffirmed 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 assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $76.50.
Get Our Latest Stock Report on MGEE
Insider Buying and Selling
In other news, Director James G. Berbee purchased 373 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were bought at an average price of $77.74 per share, with a total value of $28,997.02. Following the completion of the transaction, the director directly owned 9,362 shares in the company, valued at approximately $727,801.88. This represents a 4.15% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.41% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
A number of institutional investors have recently modified their holdings of MGEE. Hantz Financial Services Inc. boosted its stake in shares of MGE Energy by 63.8% in the fourth quarter. Hantz Financial Services Inc. now owns 416 shares of the utilities provider’s stock valued at $33,000 after buying an additional 162 shares in the last quarter. Advisory Services Network LLC purchased a new stake in shares of MGE Energy in the third quarter valued at approximately $40,000. eCIO Inc. purchased a new stake in shares of MGE Energy in the fourth quarter valued at approximately $45,000. Parallel Advisors LLC boosted its stake in shares of MGE Energy by 28.6% in the third quarter. Parallel Advisors LLC now owns 714 shares of the utilities provider’s stock valued at $60,000 after buying an additional 159 shares in the last quarter. Finally, Covestor Ltd boosted its stake in shares of MGE Energy by 84.5% in the fourth quarter. Covestor Ltd now owns 878 shares of the utilities provider’s stock valued at $69,000 after buying an additional 402 shares in the last quarter. Institutional investors and hedge funds own 52.58% of the company’s stock.
About MGE Energy
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.