Artisan Partners Limited Partnership Raises Position in MYR Group Inc. (NASDAQ:MYRG)

Artisan Partners Limited Partnership grew its stake in MYR Group Inc. (NASDAQ:MYRG) by 19.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 324,139 shares of the utilities provider’s stock after purchasing an additional 53,496 shares during the period. Artisan Partners Limited Partnership’s holdings in MYR Group were worth $48,222,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of MYRG. Jacobs Levy Equity Management Inc. bought a new stake in MYR Group in the third quarter worth $24,145,000. Boston Partners purchased a new position in shares of MYR Group during the 4th quarter worth about $14,811,000. American Century Companies Inc. grew its holdings in MYR Group by 38.2% during the 4th quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider’s stock valued at $49,368,000 after purchasing an additional 91,644 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in MYR Group by 586.2% in the third quarter. BNP Paribas Financial Markets now owns 70,335 shares of the utilities provider’s stock worth $7,190,000 after purchasing an additional 60,085 shares during the last quarter. Finally, Edgestream Partners L.P. purchased a new position in shares of MYR Group during the third quarter valued at approximately $5,035,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MYRG. KeyCorp upgraded MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 target price for the company in a research report on Friday, March 14th. Stifel Nicolaus lifted their price target on shares of MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. Finally, Robert W. Baird lowered their price target on MYR Group from $201.00 to $159.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $155.00.

MYR Group Stock Up 0.6 %

Shares of MYR Group stock opened at $116.31 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. The stock has a market cap of $1.88 billion, a price-to-earnings ratio of 50.79 and a beta of 0.93. The firm’s 50-day moving average is $130.85 and its two-hundred day moving average is $133.25. MYR Group Inc. has a 1 year low of $86.60 and a 1 year high of $181.02.

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.