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

American Century Companies Inc. boosted its stake in shares of MYR Group Inc. (NASDAQ:MYRG) by 38.2% during the fourth quarter, according to the company in 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 about 2.06% of MYR Group worth $49,368,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MYRG. Boston Partners bought a new stake in shares of MYR Group in the 4th quarter valued at about $14,811,000. Advisors Asset Management Inc. boosted its stake in MYR Group by 9.2% in the fourth quarter. Advisors Asset Management Inc. now owns 24,301 shares of the utilities provider’s stock valued at $3,615,000 after acquiring an additional 2,051 shares in the last quarter. Cibc World Markets Corp acquired a new stake in MYR Group in the fourth quarter valued at approximately $223,000. Ironwood Investment Management LLC grew its holdings in MYR Group by 5.0% in the fourth quarter. Ironwood Investment Management LLC now owns 18,776 shares of the utilities provider’s stock worth $2,793,000 after purchasing an additional 889 shares during the last quarter. Finally, Erste Asset Management GmbH increased its position in shares of MYR Group by 40.3% during 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. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Performance

Shares of MYRG stock opened at $120.97 on Thursday. The business has a fifty day moving average of $132.12 and a 200 day moving average of $133.18. MYR Group Inc. has a 1 year low of $86.60 and a 1 year high of $181.02. 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 firm has a market capitalization of $1.95 billion, a price-to-earnings ratio of 52.83 and a beta of 0.93.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Robert W. Baird lowered their price objective on MYR Group from $201.00 to $159.00 and set an “outperform” rating for the company in a research report on Thursday, February 27th. KeyCorp raised MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 price target for the company in a report on Friday, March 14th. Finally, Stifel Nicolaus upped their price objective on shares of MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $155.00.

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.