Congress Asset Management Co. Raises Stock Holdings in MYR Group, Inc. $MYRG

Congress Asset Management Co. lifted its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 2.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 74,930 shares of the utilities provider’s stock after acquiring an additional 1,782 shares during the period. Congress Asset Management Co. owned 0.48% of MYR Group worth $16,372,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. CWA Asset Management Group LLC purchased a new stake in shares of MYR Group during the third quarter worth about $1,506,000. Russell Investments Group Ltd. lifted its position in MYR Group by 22.4% during the second quarter. Russell Investments Group Ltd. now owns 75,878 shares of the utilities provider’s stock worth $13,768,000 after buying an additional 13,889 shares during the period. Vanguard Group Inc. boosted its stake in MYR Group by 14.7% in the 3rd quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock worth $254,897,000 after buying an additional 157,157 shares during the last quarter. XTX Topco Ltd boosted its stake in MYR Group by 110.0% in the 2nd quarter. XTX Topco Ltd now owns 9,593 shares of the utilities provider’s stock worth $1,741,000 after buying an additional 5,024 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in MYR Group in the 3rd quarter valued at about $1,516,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Price Performance

MYR Group stock opened at $284.15 on Wednesday. The firm has a fifty day moving average of $263.31 and a 200-day moving average of $230.64. MYR Group, Inc. has a 52-week low of $97.72 and a 52-week high of $290.87. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $4.42 billion, a P/E ratio of 37.74 and a beta of 1.15.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.60. MYR Group had a net margin of 3.24% and a return on equity of 19.66%. The business had revenue of $973.54 million for the quarter, compared to analyst estimates of $897.73 million. During the same quarter in the previous year, the business posted $0.99 EPS. The business’s quarterly revenue was up 17.3% on a year-over-year basis. As a group, analysts predict that MYR Group, Inc. will post 1.16 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have recently commented on MYRG shares. Clear Str raised shares of MYR Group to a “strong-buy” rating in a research note on Monday, December 15th. The Goldman Sachs Group boosted their price objective on shares of MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research note on Tuesday, March 3rd. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. Stifel Nicolaus lifted their target price on MYR Group from $262.00 to $305.00 and gave the company a “buy” rating in a report on Tuesday, March 3rd. Finally, Weiss Ratings raised MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 22nd. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $235.43.

About MYR Group

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.