Townsend & Associates Inc Increases Stake in MYR Group Inc. (NASDAQ:MYRG)

Townsend & Associates Inc raised its position in MYR Group Inc. (NASDAQ:MYRG) by 2.1% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 106,193 shares of the utilities provider’s stock after purchasing an additional 2,217 shares during the period. MYR Group accounts for approximately 1.7% of Townsend & Associates Inc’s portfolio, making the stock its 26th biggest holding. Townsend & Associates Inc owned approximately 0.66% of MYR Group worth $16,404,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its holdings 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 purchasing an additional 15,361 shares in the last quarter. Swedbank AB lifted its holdings 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 purchasing an additional 15,000 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in MYR Group in the 3rd quarter valued at $24,145,000. Charles Schwab Investment Management Inc. increased its stake in shares of 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 worth $23,825,000 after acquiring an additional 17,580 shares during the last quarter. Finally, TimesSquare Capital Management LLC increased its stake in shares of MYR Group by 178.5% in the 3rd quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider’s stock worth $21,794,000 after acquiring an additional 136,643 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Down 5.5 %

Shares of NASDAQ:MYRG 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 company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $1.94 billion, a price-to-earnings ratio of 52.64 and a beta of 0.94. MYR Group Inc. has a 12-month low of $86.60 and a 12-month high of $181.02.

Analyst Ratings Changes

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

About MYR Group

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.