MGE Energy, Inc. (NASDAQ:MGEE) Short Interest Up 107.8% in September

MGE Energy, Inc. (NASDAQ:MGEE) was the target of a significant increase in short interest in the month of September. As of September 30th, there was short interest totalling 655,500 shares, an increase of 107.8% from the August 30th total of 315,500 shares. Currently, 1.9% of the shares of the stock are sold short. Based on an average trading volume of 140,000 shares, the days-to-cover ratio is currently 4.7 days.

Several analysts have weighed in on the stock. ValuEngine cut shares of MGE Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. BidaskClub lowered shares of MGE Energy from a “buy” rating to a “hold” rating in a research report on Tuesday.

In other MGE Energy news, Director James G. Berbee bought 375 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were acquired at an average price of $75.90 per share, with a total value of $28,462.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.19% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Steward Partners Investment Advisory LLC acquired a new position in shares of MGE Energy during the second quarter worth approximately $35,000. Coastal Capital Group Inc. acquired a new position in MGE Energy in the second quarter valued at approximately $44,000. Ellevest Inc. acquired a new position in MGE Energy in the second quarter valued at approximately $55,000. NEXT Financial Group Inc lifted its holdings in MGE Energy by 59.1% in the second quarter. NEXT Financial Group Inc now owns 1,273 shares of the utilities provider’s stock valued at $93,000 after buying an additional 473 shares during the period. Finally, Tower View Investment Management & Research LLC lifted its holdings in MGE Energy by 37.4% in the second quarter. Tower View Investment Management & Research LLC now owns 1,379 shares of the utilities provider’s stock valued at $101,000 after buying an additional 375 shares during the period. Institutional investors own 44.08% of the company’s stock.

Shares of MGEE stock traded up $0.19 during trading hours on Friday, reaching $77.84. 76,352 shares of the company were exchanged, compared to its average volume of 170,297. MGE Energy has a fifty-two week low of $56.64 and a fifty-two week high of $80.84. The stock’s fifty day moving average is $76.52 and its two-hundred day moving average is $72.02. The company has a market cap of $2.70 billion, a price-to-earnings ratio of 31.75 and a beta of 0.37. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.65 and a quick ratio of 1.33.

MGE Energy (NASDAQ:MGEE) last announced its earnings results on Wednesday, August 7th. The utilities provider reported $0.45 earnings per share (EPS) for the quarter. MGE Energy had a net margin of 15.05% and a return on equity of 10.38%. The company had revenue of $122.15 million for the quarter.

The business also recently announced a quarterly dividend, which was paid on Sunday, September 15th. Stockholders of record on Sunday, September 1st were given a dividend of $0.352 per share. The ex-dividend date was Thursday, August 29th. This represents a $1.41 dividend on an annualized basis and a dividend yield of 1.81%.

About MGE Energy

MGE Energy, Inc, through its subsidiaries, operates as a public utility holding company primarily in Wisconsin. It operates through five segments: Regulated Electric Utility Operations; Regulated Gas Utility Operations; Nonregulated Energy Operations; Transmission Investments; and All Other. The company generates, purchases, and distributes electricity; owns or leases electric generation facilities located in Wisconsin and Iowa; and plans, constructs, operates, maintains, and expands transmission facilities to provide transmission services.

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