Next Century Growth Investors LLC Buys 126,910 Shares of MYR Group Inc. (NASDAQ:MYRG)

Next Century Growth Investors LLC increased its stake in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 513.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 151,610 shares of the utilities provider's stock after purchasing an additional 126,910 shares during the period. MYR Group makes up approximately 1.7% of Next Century Growth Investors LLC's investment portfolio, making the stock its 13th largest holding. Next Century Growth Investors LLC owned about 0.94% of MYR Group worth $22,555,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of MYRG. Wellington Management Group LLP acquired a new position in shares of MYR Group in the 4th quarter valued at $60,217,000. ACK Asset Management LLC bought a new position in shares of MYR Group during the 4th quarter valued at about $29,754,000. Boston Partners bought a new stake in MYR Group during the 4th quarter worth approximately $14,811,000. American Century Companies Inc. raised 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 worth $49,368,000 after buying an additional 91,644 shares during the period. Finally, Artisan Partners Limited Partnership boosted its holdings in shares of MYR Group by 19.8% in the fourth quarter. Artisan Partners Limited Partnership now owns 324,139 shares of the utilities provider's stock valued at $48,222,000 after buying an additional 53,496 shares during the period. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MYRG. KeyCorp raised shares of MYR Group from a "sector weight" rating to an "overweight" rating and set a $136.00 target price for the company in a research note on Friday, March 14th. Robert W. Baird dropped their price objective on MYR Group from $201.00 to $159.00 and set an "outperform" rating on the stock in a research note on Thursday, February 27th. Piper Sandler started coverage on MYR Group in a research note on Tuesday, April 8th. They issued a "neutral" rating and a $124.00 price target for the company. Finally, Stifel Nicolaus lowered their price objective on MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, MYR Group currently has an average rating of "Moderate Buy" and an average target price of $140.60.

MYR Group Price Performance

Shares of MYRG stock traded up $1.73 during trading hours on Thursday, reaching $115.64. The stock had a trading volume of 51,956 shares, compared to its average volume of 208,408. MYR Group Inc. has a 12 month low of $86.60 and a 12 month high of $171.10. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $1.87 billion, a PE ratio of 50.34 and a beta of 1.07. The stock's fifty day simple moving average is $120.23 and its 200 day simple moving average is $134.30.

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.