Congress Asset Management Co. Grows Position in MYR Group, Inc. $MYRG

Key Points

• Congress Asset Management nearly doubled its MYR Group position in the third quarter, adding 69,594 shares to own 143,103 shares valued at approximately $41.9 million. Institutional investors collectively hold 88.9% of the company.
• MYR Group reported quarterly earnings of $3.17 per share, beating estimates of $2.62, while revenue rose 20.1% year over year to $1.08 billion.
• Analyst sentiment remains positive but has softened: MYR Group has a “Moderate Buy” consensus rating and an average price target of $446.80, despite several recent downgrades and a current share price of $324.51.

Congress Asset Management Co. lifted its position in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 94.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 143,103 shares of the utilities provider's stock after buying an additional 69,594 shares during the period. Congress Asset Management Co. owned approximately 0.92% of MYR Group worth $41,852,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Kilter Group LLC acquired a new stake in MYR Group in the second quarter valued at approximately $25,000. Global Retirement Partners LLC acquired a new position in shares of MYR Group during the second quarter worth $30,000. Carolina Wealth Advisors LLC purchased a new stake in shares of MYR Group during the 2nd quarter valued at $30,000. Parallel Advisors LLC lifted its holdings in shares of MYR Group by 207.9% during the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider's stock valued at $33,000 after purchasing an additional 79 shares during the last quarter. Finally, Versant Capital Management Inc boosted its position in shares of MYR Group by 21.1% in the 3rd quarter. Versant Capital Management Inc now owns 453 shares of the utilities provider's stock worth $132,000 after purchasing an additional 79 shares in the last quarter. Institutional investors own 88.90% of the company's stock.

MYR Group Stock Performance

MYRG traded up $21.86 on Tuesday, reaching $324.51. 280,009 shares of the stock were exchanged, compared to its average volume of 279,504. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40. The company's 50-day moving average price is $305.51 and its 200 day moving average price is $363.57. The firm has a market capitalization of $5.05 billion, a PE ratio of 30.79 and a beta of 1.32. MYR Group, Inc. has a fifty-two week low of $190.13 and a fifty-two week high of $503.57.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, beating analysts' consensus estimates of $2.62 by $0.55. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $995.74 million. During the same period in the prior year, the company earned $1.70 earnings per share. The company's revenue was up 20.1% on a year-over-year basis. As a group, sell-side analysts forecast that MYR Group, Inc. will post 12.43 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. The Goldman Sachs Group dropped their target price on MYR Group from $469.00 to $422.00 and set a "neutral" rating on the stock in a research note on Thursday, August 13th. Wall Street Zen cut MYR Group from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 29th. Weiss Ratings downgraded MYR Group from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, September 2nd. Oppenheimer restated a "market perform" rating on shares of MYR Group in a research note on Thursday, June 11th. Finally, Zacks Research downgraded shares of MYR Group from a "strong-buy" rating to a "hold" rating in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, MYR Group has a consensus rating of "Moderate Buy" and a consensus price target of $446.80.

MYR Group Profile

MYR Group Inc NASDAQ: MYRG is a specialty electrical construction services company serving electric utilities, commercial and industrial customers, and other infrastructure developers. Through its operating subsidiaries, the company provides engineering, procurement, construction, maintenance, and repair services for electrical infrastructure.

Its utility work includes the construction and maintenance of high-voltage transmission lines, distribution systems, substations, and related power-delivery facilities.

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