American Century Companies Inc. Acquires 91,644 Shares of MYR Group Inc. (NASDAQ:MYRG)

American Century Companies Inc. raised its position in MYR Group Inc. (NASDAQ:MYRG - Free Report) by 38.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 331,840 shares of the utilities provider's stock after purchasing an additional 91,644 shares during the quarter. American Century Companies Inc. owned approximately 2.06% of MYR Group worth $49,368,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Boston Partners acquired a new position in MYR Group in the fourth quarter worth approximately $14,811,000. Advisors Asset Management Inc. increased its stake in shares of MYR Group by 9.2% during the 4th quarter. Advisors Asset Management Inc. now owns 24,301 shares of the utilities provider's stock worth $3,615,000 after purchasing an additional 2,051 shares during the last quarter. Cibc World Markets Corp acquired a new position in shares of MYR Group during the 4th quarter worth $223,000. Ironwood Investment Management LLC lifted its stake in shares of MYR Group by 5.0% in the 4th quarter. Ironwood Investment Management LLC now owns 18,776 shares of the utilities provider's stock valued at $2,793,000 after purchasing an additional 889 shares during the last quarter. Finally, Erste Asset Management GmbH boosted its holdings in MYR Group by 40.3% in the fourth quarter. Erste Asset Management GmbH now owns 30,951 shares of the utilities provider's stock worth $4,645,000 after purchasing an additional 8,891 shares in the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Stock Performance

Shares of MYR Group stock traded up $0.64 during trading on Friday, reaching $116.31. The company's stock had a trading volume of 185,478 shares, compared to its average volume of 205,284. The business's fifty day moving average price is $130.85 and its 200-day moving average price is $133.83. The firm has a market cap of $1.88 billion, a price-to-earnings ratio of 50.79 and a beta of 0.93. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. MYR Group Inc. has a one year low of $86.60 and a one year high of $181.02.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on MYRG shares. Robert W. Baird cut their target price on MYR Group from $201.00 to $159.00 and set an "outperform" rating on the stock in a report on Thursday, February 27th. Stifel Nicolaus raised their price objective on MYR Group from $153.00 to $172.00 and gave the company a "buy" rating in a research note on Wednesday, December 11th. Finally, KeyCorp raised 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. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $155.00.

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.