American Century Companies Inc. Has $10.06 Million Stock Position in MYR Group, Inc. $MYRG

American Century Companies Inc. boosted its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 8.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,455 shares of the utilities provider’s stock after purchasing an additional 4,208 shares during the quarter. American Century Companies Inc. owned 0.36% of MYR Group worth $10,062,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of MYRG. HB Wealth Management LLC acquired a new position in shares of MYR Group in the second quarter valued at $224,000. Vanguard Personalized Indexing Management LLC bought a new stake in MYR Group in the 2nd quarter valued at $211,000. Allspring Global Investments Holdings LLC raised its stake in shares of MYR Group by 29.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 48,685 shares of the utilities provider’s stock valued at $8,797,000 after buying an additional 11,107 shares in the last quarter. Nuveen LLC bought a new position in shares of MYR Group during the 1st quarter worth about $18,511,000. Finally, Ballentine Partners LLC acquired a new stake in shares of MYR Group during the 2nd quarter valued at about $228,000. 88.90% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on MYRG shares. Stifel Nicolaus increased their price target on shares of MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a research report on Thursday, October 9th. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a report on Monday, November 17th. KeyCorp restated a “sector weight” rating on shares of MYR Group in a research report on Wednesday, October 1st. Jefferies Financial Group assumed coverage on MYR Group in a research report on Friday, August 15th. They issued a “hold” rating and a $202.00 price target on the stock. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of MYR Group in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $201.67.

Insider Activity at MYR Group

In other news, COO Don A. Egan sold 2,900 shares of MYR Group stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total value of $676,860.00. Following the completion of the sale, the chief operating officer directly owned 5,797 shares of the company’s stock, valued at approximately $1,353,019.80. This trade represents a 33.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.80% of the company’s stock.

MYR Group Trading Up 4.7%

MYRG opened at $230.23 on Friday. MYR Group, Inc. has a 1-year low of $97.72 and a 1-year high of $241.13. The stock has a market capitalization of $3.57 billion, a PE ratio of 37.19 and a beta of 1.20. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.11. The firm has a 50-day moving average price of $215.21 and a two-hundred day moving average price of $191.72.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, October 29th. The utilities provider reported $2.05 EPS for the quarter, beating the consensus estimate of $1.82 by $0.23. MYR Group had a net margin of 2.78% and a return on equity of 16.65%. The business had revenue of $950.40 million for the quarter, compared to analysts’ expectations of $931.72 million. During the same period in the prior year, the firm earned $0.65 earnings per share. MYR Group’s revenue was up 7.0% compared to the same quarter last year. As a group, equities analysts anticipate 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.