Congress Asset Management Co. Cuts Stake in MYR Group Inc. (NASDAQ:MYRG)

Congress Asset Management Co. reduced its stake in MYR Group Inc. (NASDAQ:MYRG) by 4.0% during the first quarter, Holdings Channel.com reports. The institutional investor owned 81,416 shares of the utilities provider’s stock after selling 3,411 shares during the period. Congress Asset Management Co.’s holdings in MYR Group were worth $9,207,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. T. Rowe Price Investment Management Inc. boosted its holdings in shares of MYR Group by 42.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider’s stock worth $79,942,000 after buying an additional 159,302 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of MYR Group by 38.4% in the 4th quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider’s stock worth $68,706,000 after buying an additional 128,159 shares during the last quarter. Wellington Management Group LLP purchased a new position in shares of MYR Group in the 4th quarter worth about $60,217,000. American Century Companies Inc. boosted its holdings in shares of MYR Group by 38.2% in the 4th quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider’s stock worth $49,368,000 after buying an additional 91,644 shares during the last quarter. Finally, Artisan Partners Limited Partnership boosted its holdings in shares of MYR Group by 19.8% in the 4th quarter. Artisan Partners Limited Partnership now owns 324,139 shares of the utilities provider’s stock worth $48,222,000 after buying an additional 53,496 shares during the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on MYRG shares. Stifel Nicolaus cut their price target on shares of MYR Group from $157.00 to $131.00 and set a “buy” rating on the stock in a report on Wednesday, April 9th. KeyCorp boosted their price objective on MYR Group from $136.00 to $163.00 and gave the company an “overweight” rating in a research note on Friday, May 2nd. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 24th. Robert W. Baird boosted their price objective on MYR Group from $159.00 to $170.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. Finally, The Goldman Sachs Group cut MYR Group from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $145.00 to $168.00 in a research note on Friday. Two equities research 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 stock. According to MarketBeat, MYR Group presently has an average rating of “Moderate Buy” and an average price target of $157.00.

MYR Group Trading Up 0.6%

Shares of MYR Group stock opened at $165.57 on Friday. MYR Group Inc. has a 52-week low of $86.60 and a 52-week high of $168.88. The stock’s 50-day simple moving average is $138.40 and its 200 day simple moving average is $140.04. The stock has a market capitalization of $2.57 billion, a P/E ratio of 72.30 and a beta of 1.17. 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 (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.27. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The business had revenue of $833.62 million for the quarter, compared to analysts’ expectations of $788.98 million. During the same period in the previous year, the business posted $1.12 EPS. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. As a group, research analysts anticipate that MYR Group Inc. will post 1.16 EPS for the current year.

MYR Group 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.