Thornburg Investment Management Inc. Raises Holdings in MYR Group Inc. (NASDAQ:MYRG)

Thornburg Investment Management Inc. raised its position in MYR Group Inc. (NASDAQ:MYRG - Free Report) by 6.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 136,260 shares of the utilities provider's stock after acquiring an additional 8,258 shares during the period. Thornburg Investment Management Inc. owned approximately 0.85% of MYR Group worth $20,271,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of MYRG. T. Rowe Price Investment Management Inc. raised its holdings in shares of MYR Group by 42.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider's stock worth $79,942,000 after buying an additional 159,302 shares during the last quarter. Millennium Management LLC increased its holdings in MYR Group by 38.4% in the 4th quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider's stock worth $68,706,000 after buying an additional 128,159 shares during the period. Wellington Management Group LLP purchased a new position in MYR Group during the 4th quarter worth approximately $60,217,000. American Century Companies Inc. lifted its stake in MYR Group by 38.2% during the 4th quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider's stock valued at $49,368,000 after acquiring an additional 91,644 shares during the period. Finally, Artisan Partners Limited Partnership boosted its holdings in shares of MYR Group by 19.8% in the 4th quarter. Artisan Partners Limited Partnership now owns 324,139 shares of the utilities provider's stock valued at $48,222,000 after acquiring an additional 53,496 shares during the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Wall Street Zen raised shares of MYR Group from a "hold" rating to a "buy" rating in a report on Monday, May 5th. Stifel Nicolaus reduced their price objective on MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. KeyCorp upped their target price on MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a research note on Friday, May 2nd. Piper Sandler raised their target price on MYR Group from $124.00 to $138.00 and gave the stock a "neutral" rating in a report on Monday, May 5th. Finally, Robert W. Baird boosted their price target on MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $149.40.

MYR Group Price Performance

Shares of NASDAQ MYRG traded up $0.57 during trading on Friday, hitting $157.64. The company had a trading volume of 33,270 shares, compared to its average volume of 219,580. The firm has a market capitalization of $2.45 billion, a price-to-earnings ratio of 69.02 and a beta of 1.06. MYR Group Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $168.88. The stock has a fifty day simple moving average of $129.97 and a two-hundred day simple moving average of $139.06. 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 (NASDAQ:MYRG - Get Free Report) last released its earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share for the quarter, beating 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 business had revenue of $833.62 million for the quarter, compared to the consensus estimate of $788.98 million. During the same quarter last year, the business posted $1.12 earnings per share. The business's quarterly revenue was up 2.2% compared to the same quarter last year. On average, research analysts expect that MYR Group Inc. will post 1.16 earnings per share for the current year.

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.