Silvercrest Asset Management Group LLC Purchases 3,352 Shares of MYR Group Inc. (NASDAQ:MYRG)

Silvercrest Asset Management Group LLC lifted its holdings in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 5.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,184 shares of the utilities provider's stock after purchasing an additional 3,352 shares during the quarter. Silvercrest Asset Management Group LLC owned 0.39% of MYR Group worth $9,251,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. T. Rowe Price Investment Management Inc. raised its position in MYR Group by 42.1% in 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 during the last quarter. Millennium Management LLC increased its position in shares of MYR Group by 38.4% during the 4th quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider's stock worth $68,706,000 after purchasing an additional 128,159 shares during the last quarter. Wellington Management Group LLP acquired a new position in shares of MYR Group during the 4th quarter worth approximately $60,217,000. American Century Companies Inc. increased its position in shares of MYR Group by 38.2% during the 4th quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider's stock worth $49,368,000 after purchasing an additional 91,644 shares during the last quarter. Finally, Artisan Partners Limited Partnership increased its position in shares of MYR Group by 19.8% during the 4th quarter. Artisan Partners Limited Partnership now owns 324,139 shares of the utilities provider's stock worth $48,222,000 after purchasing an additional 53,496 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

MYR Group Stock Performance

Shares of NASDAQ MYRG traded up $0.34 during midday trading on Friday, hitting $157.41. 221,845 shares of the company's stock were exchanged, compared to its average volume of 221,646. The company has a quick ratio of 1.35, a current 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. The company's 50 day moving average price is $130.63 and its 200 day moving average price is $139.11. The firm has a market capitalization of $2.44 billion, a PE ratio of 68.74 and a beta of 1.06.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its earnings results on Wednesday, April 30th. The utilities provider reported $1.45 EPS 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 during the quarter, compared to the consensus estimate of $788.98 million. During the same period in the previous year, the company posted $1.12 EPS. The firm's revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, analysts predict that MYR Group Inc. will post 1.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MYRG shares. Stifel Nicolaus lowered their price target on MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. The Goldman Sachs Group lowered their price target on MYR Group from $164.00 to $145.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. Piper Sandler boosted their price target on MYR Group from $124.00 to $138.00 and gave the stock a "neutral" rating in a research report on Monday, May 5th. Robert W. Baird boosted their price target on MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Finally, KeyCorp boosted their price target on MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a research report on Friday, May 2nd. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, MYR Group currently has a consensus rating of "Buy" and an average price target of $149.40.

About MYR Group

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.