Needham Investment Management LLC Increases Holdings in MYR Group Inc. (NASDAQ:MYRG)

Needham Investment Management LLC increased its position in MYR Group Inc. (NASDAQ:MYRG - Free Report) by 20.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 30,000 shares of the utilities provider's stock after buying an additional 5,000 shares during the quarter. Needham Investment Management LLC owned 0.19% of MYR Group worth $4,463,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. increased its stake 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 valued at $79,942,000 after buying an additional 159,302 shares during the period. Millennium Management LLC increased its stake in shares of MYR Group by 38.4% in the fourth quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider's stock valued at $68,706,000 after buying an additional 128,159 shares during the period. Principal Financial Group Inc. increased its stake in shares of MYR Group by 3.7% in the third quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider's stock valued at $44,113,000 after buying an additional 15,361 shares during the period. Wellington Management Group LLP bought a new stake in MYR Group in the fourth quarter valued at approximately $60,217,000. Finally, American Century Companies Inc. boosted its holdings in MYR Group by 38.2% in the fourth 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 last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

MYR Group Trading Up 0.6%

Shares of MYR Group stock traded up $1.04 on Friday, reaching $164.55. 179,227 shares of the company's stock were exchanged, compared to its average volume of 217,670. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. MYR Group Inc. has a 52 week low of $86.60 and a 52 week high of $168.88. The firm's 50-day moving average is $125.30 and its two-hundred day moving average is $137.78. The company has a market capitalization of $2.55 billion, a P/E ratio of 71.86 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 earnings per share for the quarter, topping analysts' consensus estimates of $1.18 by $0.27. The company had revenue of $833.62 million for the quarter, compared to analyst estimates of $788.98 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. MYR Group's revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.12 earnings per share. Sell-side analysts predict that MYR Group Inc. will post 1.16 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on MYRG shares. The Goldman Sachs Group reduced their target price on MYR Group from $164.00 to $145.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Robert W. Baird upped their target price on MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Stifel Nicolaus cut their price target on MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. Piper Sandler increased their price target on MYR Group from $124.00 to $138.00 and gave the stock a "neutral" rating in a report on Monday, May 5th. Finally, KeyCorp increased their price target on MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a report on Friday, May 2nd. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $149.40.

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.