Price T Rowe Associates Inc. MD Raises Stock Holdings in MYR Group Inc. (NASDAQ:MYRG)

Price T Rowe Associates Inc. MD boosted its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 8.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,716 shares of the utilities provider’s stock after acquiring an additional 929 shares during the quarter. Price T Rowe Associates Inc. MD owned 0.07% of MYR Group worth $1,743,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of MYRG. Wellington Management Group LLP bought a new stake in shares of MYR Group during the fourth quarter worth $60,217,000. ACK Asset Management LLC bought a new stake in MYR Group during the 4th quarter valued at about $29,754,000. Next Century Growth Investors LLC boosted its position in MYR Group by 513.8% in the 4th quarter. Next Century Growth Investors LLC now owns 151,610 shares of the utilities provider’s stock valued at $22,555,000 after buying an additional 126,910 shares during the period. Boston Partners bought a new position in MYR Group in the 4th quarter worth about $14,811,000. Finally, American Century Companies Inc. increased its position in shares of MYR Group by 38.2% during the fourth quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider’s stock worth $49,368,000 after acquiring an additional 91,644 shares during the period. Institutional investors own 88.90% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MYRG. Stifel Nicolaus lowered their price target on MYR Group from $157.00 to $131.00 and set a “buy” rating for the company in a report on Wednesday, April 9th. Piper Sandler increased their price target on MYR Group from $124.00 to $138.00 and gave the stock a “neutral” rating in a research report on Monday. The Goldman Sachs Group decreased their price objective on MYR Group from $164.00 to $145.00 and set a “buy” rating for the company in a report on Thursday, April 24th. Robert W. Baird increased their target price on shares of MYR Group from $159.00 to $170.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Finally, StockNews.com upgraded shares of MYR Group from a “hold” rating to a “buy” rating in a report on Monday. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $149.40.

MYR Group Price Performance

Shares of MYRG stock opened at $155.05 on Friday. The stock’s 50-day moving average is $120.83 and its 200 day moving average is $136.24. MYR Group Inc. has a 1-year low of $86.60 and a 1-year high of $168.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. The company has a market cap of $2.41 billion, a P/E ratio of 67.71 and a beta of 1.06.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share for the quarter, beating analysts’ consensus estimates of $1.18 by $0.27. The business had revenue of $833.62 million for the quarter, compared to analysts’ expectations of $788.98 million. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The company’s revenue was up 2.2% compared to the same quarter last year. During the same period last year, the business earned $1.12 EPS. Research analysts predict that MYR Group Inc. will post 1.16 earnings per share for the current fiscal year.

MYR Group Profile

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.