MYR Group Inc. (NASDAQ:MYRG) Shares Bought by Townsend & Associates Inc

Townsend & Associates Inc raised its position in MYR Group Inc. (NASDAQ:MYRG) by 2.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 106,193 shares of the utilities provider’s stock after acquiring an additional 2,217 shares during the quarter. MYR Group makes up approximately 1.7% of Townsend & Associates Inc’s portfolio, making the stock its 26th biggest position. Townsend & Associates Inc’s holdings in MYR Group were worth $16,404,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. grew its position in MYR Group by 3.7% in the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock valued at $44,113,000 after acquiring an additional 15,361 shares in the last quarter. Swedbank AB grew its position in MYR Group by 6.0% in the 3rd quarter. Swedbank AB now owns 267,000 shares of the utilities provider’s stock valued at $27,295,000 after acquiring an additional 15,000 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in MYR Group in the 3rd quarter valued at about $24,145,000. Charles Schwab Investment Management Inc. grew its position in MYR Group by 8.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 233,055 shares of the utilities provider’s stock valued at $23,825,000 after acquiring an additional 17,580 shares in the last quarter. Finally, TimesSquare Capital Management LLC grew its position in MYR Group by 178.5% in the 3rd quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider’s stock valued at $21,794,000 after acquiring an additional 136,643 shares in the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently issued reports on MYRG. StockNews.com upgraded MYR Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. Robert W. Baird lifted their price objective on MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Stifel Nicolaus lifted their price objective on MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. Finally, The Goldman Sachs Group lifted their price objective on MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $157.00.

MYR Group Price Performance

MYRG stock opened at $120.54 on Friday. The business has a 50 day moving average price of $145.75 and a 200 day moving average price of $129.85. The stock has a market cap of $1.94 billion, a price-to-earnings ratio of 52.64 and a beta of 0.94. MYR Group Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $181.02. 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.