T. Rowe Price Investment Management Inc. Acquires 159,302 Shares of MYR Group Inc. (NASDAQ:MYRG)

T. Rowe Price Investment Management Inc. raised its position in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 42.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 537,347 shares of the utilities provider's stock after buying an additional 159,302 shares during the period. T. Rowe Price Investment Management Inc. owned about 3.33% of MYR Group worth $79,942,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in MYRG. Principal Financial Group Inc. boosted its holdings in shares of MYR Group by 3.7% during the third quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider's stock worth $44,113,000 after purchasing an additional 15,361 shares during the period. Wellington Management Group LLP purchased a new stake in shares of MYR Group in the 4th quarter worth about $60,217,000. American Century Companies Inc. boosted its stake in shares of 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 purchasing an additional 91,644 shares in the last quarter. Artisan Partners Limited Partnership increased its position in shares of MYR Group by 19.8% during the fourth quarter. Artisan Partners Limited Partnership now owns 324,139 shares of the utilities provider's stock valued at $48,222,000 after buying an additional 53,496 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in MYR Group by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 242,201 shares of the utilities provider's stock worth $36,032,000 after buying an additional 9,146 shares in the last quarter. Institutional investors own 88.90% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on MYRG. 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. Stifel Nicolaus lowered their price objective on MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. Piper Sandler assumed coverage on shares of MYR Group in a research report on Tuesday, April 8th. They issued a "neutral" rating and a $124.00 target price on the stock. Robert W. Baird dropped their price objective on shares of MYR Group from $201.00 to $159.00 and set an "outperform" rating on the stock in a research note on Thursday, February 27th. Finally, KeyCorp raised shares of MYR Group from a "sector weight" rating to an "overweight" rating and set a $136.00 target price for the company in a research note on Friday, March 14th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, MYR Group presently has a consensus rating of "Moderate Buy" and an average price target of $139.00.

MYR Group Stock Down 3.9 %

MYR Group stock traded down $4.84 during trading hours on Wednesday, hitting $120.79. The stock had a trading volume of 130,549 shares, compared to its average volume of 211,208. The stock's 50-day moving average price is $117.02 and its 200-day moving average price is $135.06. The stock has a market capitalization of $1.95 billion, a P/E ratio of 52.75 and a beta of 1.07. MYR Group Inc. has a 12-month low of $86.60 and a 12-month high of $171.10. 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 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.