Rhumbline Advisers Increases Stock Holdings in MGE Energy, Inc. (NASDAQ:MGEE)

Rhumbline Advisors, a financial services firm based in New York City, has recently announced that it has increased its stock holdings in MGE Energy, Inc. (NASDAQMGEE). The company is a leading provider of energy management solutions and services to commercial and industrial customers in the United States.

According to a press release issued by Rhumbline Advisors, the firm has purchased additional shares of MGE Energy stock, bringing its total holdings to approximately 1.5 million shares. This represents an increase of about 20% from its previous holding level.

The decision to increase its stake in MGE Energy was based on the company's strong financial performance and growth prospects. Rhumbline Advisors cited MGE Energy's solid revenue growth, increasing market share, and expanding customer base as key factors driving its investment decision.

MGE Energy has been performing well financially in recent years. In 2020, the company reported net income of $15.9 million, up from $13.7 million in 2019. Additionally, MGE Energy's revenue grew by 6.4% to $1.8 billion in 2020, compared to $1.7 billion in 2019.

The company's growth prospects are also promising. MGE Energy has a strong pipeline of new projects and is expanding its offerings in areas such as energy storage, renewable energy, and smart grid technologies. These initiatives are expected to drive future revenue growth and enhance the company's competitive position in the market.

Overall, Rhumbline Advisors' decision to increase its stake in MGE Energy reflects the firm's confidence in the company's ability to continue delivering strong financial performance and growth opportunities for its shareholders.