Principal Financial Group Inc. Has $16.82 Million Holdings in MGE Energy, Inc. (NASDAQ:MGEE)

Principal Financial Group Inc. cut its holdings in shares of MGE Energy, Inc. (NASDAQ:MGEE) by 7.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 183,893 shares of the utilities provider’s stock after selling 14,098 shares during the quarter. Principal Financial Group Inc. owned approximately 0.51% of MGE Energy worth $16,817,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Quest Partners LLC lifted its position in MGE Energy by 5,088.9% during the 2nd quarter. Quest Partners LLC now owns 467 shares of the utilities provider’s stock worth $35,000 after buying an additional 458 shares in the last quarter. Assetmark Inc. bought a new stake in shares of MGE Energy in the 3rd quarter valued at about $35,000. Covestor Ltd raised its holdings in shares of MGE Energy by 37.3% in the 3rd quarter. Covestor Ltd now owns 453 shares of the utilities provider’s stock valued at $42,000 after purchasing an additional 123 shares during the period. DekaBank Deutsche Girozentrale bought a new stake in shares of MGE Energy in the 2nd quarter valued at about $58,000. Finally, nVerses Capital LLC bought a new stake in shares of MGE Energy in the 2nd quarter valued at about $75,000. 52.58% of the stock is owned by institutional investors.

Analyst Ratings Changes

MGEE has been the topic of several research analyst reports. Morgan Stanley increased their price target 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. LADENBURG THALM/SH SH raised shares of MGE Energy to a “strong sell” rating in a report on Thursday, December 12th.

MGE Energy Stock Performance

Shares of NASDAQ:MGEE opened at $95.09 on Friday. The company’s 50 day moving average price is $98.31 and its two-hundred day moving average price is $89.39. MGE Energy, Inc. has a 12-month low of $61.94 and a 12-month high of $109.22. The firm has a market cap of $3.44 billion, a PE ratio of 29.08 and a beta of 0.74. The company has a quick ratio of 0.94, a current ratio of 1.41 and a debt-to-equity ratio of 0.60.

MGE Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, December 15th. Shareholders of record on Sunday, December 1st were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.89%. MGE Energy’s payout ratio is presently 55.05%.

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.