Congress Asset Management Co. Buys 44,675 Shares of MYR Group Inc. (NASDAQ:MYRG)

Congress Asset Management Co. lifted its stake in shares of MYR Group Inc. (NASDAQ:MYRG) by 111.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 84,827 shares of the utilities provider’s stock after acquiring an additional 44,675 shares during the quarter. Congress Asset Management Co.’s holdings in MYR Group were worth $12,620,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Creative Planning lifted its stake in MYR Group by 193.0% in the third quarter. Creative Planning now owns 4,841 shares of the utilities provider’s stock worth $495,000 after purchasing an additional 3,189 shares during the last quarter. Vontobel Holding Ltd. increased its position in shares of MYR Group by 44.5% in the third quarter. Vontobel Holding Ltd. now owns 6,440 shares of the utilities provider’s stock valued at $658,000 after acquiring an additional 1,984 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of MYR Group by 2.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 30,645 shares of the utilities provider’s stock valued at $3,133,000 after acquiring an additional 728 shares during the period. Jade Capital Advisors LLC purchased a new position in shares of MYR Group in the third quarter valued at about $2,045,000. Finally, Assenagon Asset Management S.A. increased its position in shares of MYR Group by 387.9% in the third quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider’s stock valued at $18,978,000 after acquiring an additional 147,598 shares during the period. 88.90% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

MYR Group Price Performance

MYR Group stock opened at $134.00 on Monday. MYR Group Inc. has a 12-month low of $86.60 and a 12-month high of $181.02. The firm has a 50-day moving average price of $149.22 and a 200-day moving average price of $129.03. The firm has a market capitalization of $2.16 billion, a PE ratio of 58.52 and a beta of 0.94. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15.

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.