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

Congress Asset Management Co. raised its position in MYR Group Inc. (NASDAQ:MYRG) by 111.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 84,827 shares of the utilities provider’s stock after buying an additional 44,675 shares during the period. Congress Asset Management Co. owned about 0.53% of MYR Group worth $12,620,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Tidal Investments LLC boosted its position in MYR Group by 2.0% in the 3rd quarter. Tidal Investments LLC now owns 4,286 shares of the utilities provider’s stock valued at $438,000 after buying an additional 83 shares during the last quarter. GAMMA Investing LLC boosted its position in MYR Group by 27.0% in the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock valued at $83,000 after buying an additional 118 shares during the last quarter. MCF Advisors LLC boosted its position in MYR Group by 470.0% in the 4th quarter. MCF Advisors LLC now owns 171 shares of the utilities provider’s stock valued at $25,000 after buying an additional 141 shares during the last quarter. Rhumbline Advisers boosted its position in MYR Group by 0.5% in the 4th quarter. Rhumbline Advisers now owns 45,246 shares of the utilities provider’s stock valued at $6,731,000 after buying an additional 216 shares during the last quarter. Finally, KBC Group NV boosted its position in MYR Group by 56.8% in the 4th quarter. KBC Group NV now owns 737 shares of the utilities provider’s stock valued at $110,000 after buying an additional 267 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors.

MYR Group Price Performance

MYRG stock opened at $134.00 on Monday. The stock has a 50-day moving average price of $149.22 and a two-hundred day moving average price of $129.03. The stock has a market cap 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 Inc. has a 1 year low of $86.60 and a 1 year high of $181.02.

Analyst Upgrades and Downgrades

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