MGE Energy, Inc. (NASDAQ:MGEE) was the target of a large decrease in short interest in July. As of July 31st, there was short interest totalling 243,400 shares, a decrease of 17.7% from the June 30th total of 295,800 shares. Approximately 0.7% of the company’s stock are sold short. Based on an average daily trading volume, of 148,400 shares, the short-interest ratio is currently 1.6 days.
Separately, BidaskClub upgraded shares of MGE Energy from a “hold” rating to a “buy” rating in a report on Tuesday, August 6th.
A number of hedge funds have recently added to or reduced their stakes in the stock. Advisor Group Inc. raised its position in MGE Energy by 5.6% in the 2nd quarter. Advisor Group Inc. now owns 3,227 shares of the utilities provider’s stock valued at $237,000 after purchasing an additional 171 shares during the last quarter. Isthmus Partners LLC raised its position in MGE Energy by 4.3% in the 2nd quarter. Isthmus Partners LLC now owns 4,304 shares of the utilities provider’s stock valued at $315,000 after purchasing an additional 178 shares during the last quarter. Landaas & Co. WI ADV purchased a new stake in MGE Energy in the 1st quarter valued at $26,000. UBS Asset Management Americas Inc. raised its position in MGE Energy by 0.7% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 36,991 shares of the utilities provider’s stock valued at $2,703,000 after purchasing an additional 275 shares during the last quarter. Finally, Johnson Financial Group Inc. raised its position in MGE Energy by 3.5% in the 2nd quarter. Johnson Financial Group Inc. now owns 9,105 shares of the utilities provider’s stock valued at $665,000 after purchasing an additional 304 shares during the last quarter. Hedge funds and other institutional investors own 43.07% of the company’s stock.
MGE Energy (NASDAQ:MGEE) last issued 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 business had revenue of $122.15 million during the quarter.
MGE Energy Company Profile
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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