Janus Henderson Group PLC Raises Stake in MYR Group Inc. (NASDAQ:MYRG)

Janus Henderson Group PLC increased its position in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 12.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,257 shares of the utilities provider's stock after purchasing an additional 3,511 shares during the period. Janus Henderson Group PLC owned 0.20% of MYR Group worth $4,799,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of MYRG. Wellington Management Group LLP bought a new stake in MYR Group during the 4th quarter valued at approximately $60,217,000. ACK Asset Management LLC bought a new position in MYR Group in the 4th quarter worth approximately $29,754,000. T. Rowe Price Investment Management Inc. grew its holdings in MYR Group by 42.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider's stock valued at $79,942,000 after buying an additional 159,302 shares in the last quarter. Next Century Growth Investors LLC grew its holdings in MYR Group by 513.8% during 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 in the last quarter. Finally, Voya Investment Management LLC raised its position in shares of MYR Group by 185.0% during the fourth quarter. Voya Investment Management LLC now owns 165,447 shares of the utilities provider's stock valued at $24,614,000 after buying an additional 107,403 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on MYRG. Stifel Nicolaus dropped their target price on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. Piper Sandler boosted their price target on shares of MYR Group from $124.00 to $138.00 and gave the stock a "neutral" rating in a research note on Monday, May 5th. The Goldman Sachs Group cut their price objective on MYR Group from $164.00 to $145.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. KeyCorp boosted their target price on MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a research report on Friday, May 2nd. Finally, StockNews.com raised MYR Group from a "hold" rating to a "buy" rating in a research note on Monday, May 5th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, MYR Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $149.40.

MYR Group Stock Performance

MYR Group stock opened at $164.55 on Monday. The company's 50-day moving average price is $126.32 and its 200-day moving average price is $138.33. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. The company has a market cap of $2.55 billion, a PE ratio of 71.86 and a beta of 1.06. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $168.88.

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

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