Congress Asset Management Co. Has $9.21 Million Stock Holdings in MYR Group Inc. (NASDAQ:MYRG)

Congress Asset Management Co. lowered its stake in MYR Group Inc. (NASDAQ:MYRG - Free Report) by 4.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 81,416 shares of the utilities provider's stock after selling 3,411 shares during the quarter. Congress Asset Management Co. owned 0.50% of MYR Group worth $9,207,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of MYRG. Arcadia Investment Management Corp MI bought a new stake in shares of MYR Group in the 4th quarter valued at $47,000. Smartleaf Asset Management LLC increased its stake in shares of MYR Group by 697.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider's stock valued at $49,000 after acquiring an additional 286 shares in the last quarter. Versant Capital Management Inc increased its stake in shares of MYR Group by 85.4% in the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock valued at $52,000 after acquiring an additional 210 shares in the last quarter. ANTIPODES PARTNERS Ltd increased its stake in shares of MYR Group by 13.2% in the 4th quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider's stock valued at $92,000 after acquiring an additional 72 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its stake in shares of MYR Group by 52.4% in the 4th quarter. Quadrant Capital Group LLC now owns 666 shares of the utilities provider's stock valued at $99,000 after acquiring an additional 229 shares in the last quarter. Institutional investors own 88.90% of the company's stock.

MYR Group Stock Performance

Shares of MYRG stock opened at $165.57 on Friday. The firm has a market capitalization of $2.57 billion, a PE ratio of 72.30 and a beta of 1.17. The firm has a fifty day simple moving average of $138.40 and a two-hundred day simple moving average of $140.04. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. MYR Group Inc. has a 12 month low of $86.60 and a 12 month high of $168.88.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.18 by $0.27. The firm had revenue of $833.62 million for the quarter, compared to the consensus estimate of $788.98 million. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The business's revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.12 EPS. Analysts forecast that MYR Group Inc. will post 1.16 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. KeyCorp lifted their price objective on shares of MYR Group from $136.00 to $163.00 and gave the company an "overweight" rating in a research note on Friday, May 2nd. Robert W. Baird boosted their price target on shares of MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Stifel Nicolaus decreased their price target on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Wall Street Zen upgraded shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Finally, Piper Sandler boosted their price target on shares of MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a research note on Tuesday, May 27th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $157.00.

MYR Group Company 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.

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