Townsend & Associates Inc Acquires 45,173 Shares of MYR Group Inc. (NASDAQ:MYRG)

Townsend & Associates Inc lifted its stake in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 89.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 95,619 shares of the utilities provider's stock after acquiring an additional 45,173 shares during the quarter. MYR Group makes up 1.7% of Townsend & Associates Inc's holdings, making the stock its 25th biggest holding. Townsend & Associates Inc owned about 0.57% of MYR Group worth $13,424,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Daiwa Securities Group Inc. acquired a new position in shares of MYR Group in the 4th quarter valued at about $29,000. GAMMA Investing LLC acquired a new position in MYR Group in the fourth quarter valued at approximately $62,000. Planned Solutions Inc. bought a new position in shares of MYR Group during the 4th quarter worth approximately $130,000. Quantbot Technologies LP grew its position in shares of MYR Group by 446.3% during the 3rd quarter. Quantbot Technologies LP now owns 1,475 shares of the utilities provider's stock worth $199,000 after buying an additional 1,205 shares during the period. Finally, Assetmark Inc. increased its stake in shares of MYR Group by 15.2% in the 3rd quarter. Assetmark Inc. now owns 1,689 shares of the utilities provider's stock valued at $228,000 after acquiring an additional 223 shares in the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently issued reports on MYRG shares. Robert W. Baird cut their target price on shares of MYR Group from $185.00 to $180.00 and set an "outperform" rating on the stock in a research note on Thursday, May 2nd. Stifel Nicolaus reduced their target price on MYR Group from $185.00 to $184.00 and set a "buy" rating for the company in a research note on Tuesday, April 16th. Sidoti downgraded MYR Group from a "buy" rating to a "neutral" rating and set a $165.00 price target on the stock. in a research note on Monday, February 26th. Finally, KeyCorp started coverage on MYR Group in a research note on Wednesday, January 10th. They issued a "sector weight" rating for the company. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $173.25.

MYR Group Stock Up 0.6 %

Shares of MYRG traded up $1.00 on Thursday, reaching $156.65. The company's stock had a trading volume of 87,964 shares, compared to its average volume of 137,385. MYR Group Inc. has a twelve month low of $110.87 and a twelve month high of $181.02. The stock has a market capitalization of $2.63 billion, a PE ratio of 30.36 and a beta of 1.10. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.05. The firm has a fifty day moving average of $164.65 and a 200-day moving average of $147.17.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $1.12 EPS for the quarter, topping the consensus estimate of $1.02 by $0.10. MYR Group had a return on equity of 13.64% and a net margin of 2.38%. The firm had revenue of $815.56 million during the quarter, compared to the consensus estimate of $854.13 million. During the same period in the prior year, the business posted $1.38 earnings per share. The company's quarterly revenue was up .5% compared to the same quarter last year. Equities analysts predict that MYR Group Inc. will post 6.64 EPS 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.