Towle & Co. Makes New $8.31 Million Investment in MYR Group, Inc. $MYRG

Towle & Co. acquired a new stake in MYR Group, Inc. (NASDAQ:MYRG) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 39,966 shares of the utilities provider’s stock, valued at approximately $8,314,000. MYR Group makes up about 2.1% of Towle & Co.’s portfolio, making the stock its 25th largest holding. Towle & Co. owned approximately 0.26% of MYR Group at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Hillsdale Investment Management Inc. raised its stake in MYR Group by 7.6% in the third quarter. Hillsdale Investment Management Inc. now owns 36,640 shares of the utilities provider’s stock valued at $7,622,000 after purchasing an additional 2,600 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of MYR Group by 14.7% during the 3rd quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock worth $254,897,000 after acquiring an additional 157,157 shares during the period. State of New Jersey Common Pension Fund D acquired a new stake in shares of MYR Group during the 3rd quarter worth approximately $2,418,000. TimesSquare Capital Management LLC increased its stake in MYR Group by 1.4% in the third quarter. TimesSquare Capital Management LLC now owns 156,456 shares of the utilities provider’s stock valued at $32,548,000 after acquiring an additional 2,156 shares during the last quarter. Finally, Public Sector Pension Investment Board raised its position in MYR Group by 14.5% during the third quarter. Public Sector Pension Investment Board now owns 60,571 shares of the utilities provider’s stock valued at $12,601,000 after purchasing an additional 7,652 shares in the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MYRG has been the topic of a number of research analyst reports. The Goldman Sachs Group raised their target price on MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a report on Friday, November 14th. Zacks Research downgraded shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 30th. Weiss Ratings upgraded shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 22nd. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 21st. Finally, Clear Str upgraded shares of MYR Group to a “strong-buy” rating in a report on Monday, December 15th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, MYR Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $218.71.

MYR Group Trading Up 3.7%

MYRG opened at $281.01 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.33 and a quick ratio of 1.33. MYR Group, Inc. has a fifty-two week low of $97.72 and a fifty-two week high of $284.98. The company’s 50 day moving average price is $243.38 and its two-hundred day moving average price is $217.08. The firm has a market capitalization of $4.36 billion, a price-to-earnings ratio of 45.40 and a beta of 1.17.

MYR Group Company Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.