Short Interest in MGE Energy, Inc. (NASDAQ:MGEE) Drops By 17.7%

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MGE Energy, Inc. (NASDAQ:MGEE) was the target of a large decline in short interest in the month of July. As of July 31st, there was short interest totalling 243,400 shares, a decline of 17.7% from the June 30th total of 295,800 shares. Currently, 0.7% of the shares of the company are short sold. Based on an average daily trading volume, of 148,400 shares, the short-interest ratio is presently 1.6 days.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Millennium Management LLC bought a new stake in MGE Energy in the 4th quarter valued at about $1,989,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of MGE Energy by 15.6% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,549 shares of the utilities provider’s stock valued at $173,000 after buying an additional 344 shares in the last quarter. AdvisorNet Financial Inc raised its position in shares of MGE Energy by 34.3% in the 2nd quarter. AdvisorNet Financial Inc now owns 3,052 shares of the utilities provider’s stock valued at $223,000 after buying an additional 779 shares in the last quarter. Royal London Asset Management Ltd. raised its position in shares of MGE Energy by 35.3% in the 1st quarter. Royal London Asset Management Ltd. now owns 152,978 shares of the utilities provider’s stock valued at $10,385,000 after buying an additional 39,884 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its position in shares of MGE Energy by 6.2% in the 1st quarter. Nisa Investment Advisors LLC now owns 17,250 shares of the utilities provider’s stock valued at $1,172,000 after buying an additional 1,000 shares in the last quarter. 43.07% of the stock is owned by hedge funds and other institutional investors.

Shares of MGEE stock traded up $0.47 during midday trading on Tuesday, hitting $74.31. 54,033 shares of the company were exchanged, compared to its average volume of 106,589. The company has a quick ratio of 1.33, a current ratio of 1.65 and a debt-to-equity ratio of 0.61. The stock has a market cap of $2.58 billion, a price-to-earnings ratio of 30.27 and a beta of 0.42. MGE Energy has a 52 week low of $56.64 and a 52 week high of $76.44. The firm has a 50 day moving average price of $73.71.

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

Separately, BidaskClub raised shares of MGE Energy from a “hold” rating to a “buy” rating in a report on Tuesday, August 6th.

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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