Townsend & Associates Inc Has $14.01 Million Stake in MYR Group, Inc. (NASDAQ:MYRG)

Townsend & Associates Inc lifted its stake in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 20.4% during the 1st quarter, according to the company in its most recent 13F filing with the 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 0.79% of MYR Group worth $14,013,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Smartleaf Asset Management LLC raised its holdings in shares of MYR Group by 697.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider's stock valued at $49,000 after purchasing an additional 286 shares during the last quarter. Versant Capital Management Inc grew its position in MYR Group by 85.4% during the first 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 during the last quarter. ANTIPODES PARTNERS Ltd lifted 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 during the last quarter. Quadrant Capital Group LLC boosted its position in MYR Group by 52.4% during the 4th quarter. Quadrant Capital Group LLC now owns 666 shares of the utilities provider's stock valued at $99,000 after buying an additional 229 shares during the period. Finally, Morgan Dempsey Capital Management LLC grew its position in shares of MYR Group by 17.5% in the 4th quarter. Morgan Dempsey Capital Management LLC now owns 1,317 shares of the utilities provider's stock worth $196,000 after buying an additional 196 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors.

MYR Group Stock Performance

MYR Group stock traded up $5.47 during midday trading on Thursday, hitting $188.75. 201,476 shares of the company's stock were exchanged, compared to its average volume of 226,030. The stock has a market cap of $2.93 billion, a price-to-earnings ratio of 86.58 and a beta of 1.19. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.31 and a current ratio of 1.31. The firm's 50 day simple moving average is $160.21 and its 200 day simple moving average is $141.63. MYR Group, Inc. has a 12-month low of $86.60 and a 12-month high of $190.68.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its earnings results 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. MYR Group had a net margin of 1.02% and a return on equity of 5.84%. The company had revenue of $833.62 million during the quarter, compared to analysts' expectations of $788.98 million. During the same quarter in the previous year, the business posted $1.12 earnings per share. The firm's quarterly revenue was up 2.2% compared to the same quarter last year. Equities research analysts predict that MYR Group, Inc. will post 1.16 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Robert W. Baird boosted their price objective on shares of MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Stifel Nicolaus dropped their price target 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 boosted their price objective 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. Piper Sandler raised their target price on shares of MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 27th. Finally, The Goldman Sachs Group cut MYR Group from a "buy" rating to a "neutral" rating and upped their price objective for the stock from $145.00 to $168.00 in a research note on Friday, June 6th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target 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.