MYR Group, Inc. $MYRG Stock Purchased by Congress Asset Management Co.

Congress Asset Management Co. boosted its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG) by 94.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 143,103 shares of the utilities provider’s stock after purchasing an additional 69,594 shares during the period. Congress Asset Management Co.’s holdings in MYR Group were worth $41,852,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Kilter Group LLC purchased a new stake in MYR Group in the second quarter valued at $25,000. Global Retirement Partners LLC purchased a new position in shares of MYR Group during the 2nd quarter valued at about $30,000. Carolina Wealth Advisors LLC acquired a new position in shares of MYR Group in the 2nd quarter valued at about $30,000. Allworth Financial LP acquired a new position in shares of MYR Group in the 2nd quarter valued at about $40,000. Finally, Fiduciary Financial Advisors purchased a new stake in shares of MYR Group in the second quarter worth about $51,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Price Performance

Shares of NASDAQ:MYRG traded up $21.86 during trading on Tuesday, reaching $324.51. 280,009 shares of the company’s stock traded hands, compared to its average volume of 279,504. MYR Group, Inc. has a fifty-two week low of $190.13 and a fifty-two week high of $503.57. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.01. The firm has a market cap of $5.05 billion, a PE ratio of 30.79 and a beta of 1.32. The company has a 50-day simple moving average of $305.51 and a 200-day simple moving average of $363.57.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, topping analysts’ consensus estimates of $2.62 by $0.55. The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $995.74 million. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.MYR Group’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.70 EPS. As a group, analysts predict that MYR Group, Inc. will post 12.43 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on MYRG shares. Weiss Ratings lowered MYR Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, September 2nd. Robert W. Baird set a $375.00 price objective on MYR Group in a research report on Thursday, July 30th. Oppenheimer reaffirmed a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. Zacks Research lowered shares of MYR Group from a “strong-buy” rating to a “hold” rating in a report on Friday. Finally, The Goldman Sachs Group decreased their target price on shares of MYR Group from $469.00 to $422.00 and set a “neutral” rating for the company in a research note on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $446.80.

About MYR Group

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical construction services company serving electric utilities, commercial and industrial customers, and other infrastructure developers. Through its operating subsidiaries, the company provides engineering, procurement, construction, maintenance, and repair services for electrical infrastructure.

Its utility work includes the construction and maintenance of high-voltage transmission lines, distribution systems, substations, and related power-delivery facilities.