Townsend & Associates Inc Raises Stock Holdings in MYR Group, Inc. (NASDAQ:MYRG)

Townsend & Associates Inc boosted its stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 20.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 127,824 shares of the utilities provider's stock after purchasing an additional 21,631 shares during the quarter. Townsend & Associates Inc owned about 0.79% of MYR Group worth $14,013,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of MYRG. Truist Financial Corp raised its position in MYR Group by 51.1% during the fourth quarter. Truist Financial Corp now owns 3,402 shares of the utilities provider's stock valued at $506,000 after purchasing an additional 1,150 shares in the last quarter. Handelsbanken Fonder AB increased its position in shares of MYR Group by 35.7% during the 4th quarter. Handelsbanken Fonder AB now owns 3,800 shares of the utilities provider's stock valued at $565,000 after purchasing an additional 1,000 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of MYR Group by 12.3% during the 4th quarter. Bank of New York Mellon Corp now owns 238,740 shares of the utilities provider's stock valued at $35,517,000 after buying an additional 26,205 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in MYR Group in the 4th quarter worth approximately $1,881,000. Finally, Fisher Asset Management LLC boosted its stake in MYR Group by 16.6% in the fourth quarter. Fisher Asset Management LLC now owns 44,000 shares of the utilities provider's stock worth $6,546,000 after buying an additional 6,248 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have commented on the stock. Stifel Nicolaus decreased their price target on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a research note on Wednesday, April 9th. Robert W. Baird lifted their target price on shares of MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. KeyCorp upped their price target on shares of MYR Group from $136.00 to $163.00 and gave the company an "overweight" rating in a research report on Friday, May 2nd. Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Finally, The Goldman Sachs Group lowered MYR Group from a "buy" rating to a "neutral" rating and boosted their target price for the company from $145.00 to $168.00 in a research note on Friday, June 6th. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, MYR Group currently has an average rating of "Moderate Buy" and an average price target of $157.00.

MYR Group Price Performance

MYRG stock opened at $182.61 on Monday. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of 83.77 and a beta of 1.17. The firm's 50-day moving average price is $156.09 and its two-hundred day moving average price is $140.95. The company has a current ratio of 1.31, a quick ratio of 1.31 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 $188.71.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.18 by $0.27. The company had revenue of $833.62 million for the quarter, compared to the consensus estimate of $788.98 million. MYR Group had a return on equity of 5.84% and a net margin of 1.02%. MYR Group's revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.12 EPS. As a group, equities analysts predict 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.

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