Artisan Partners Limited Partnership Purchases 53,496 Shares of MYR Group Inc. (NASDAQ:MYRG)

Artisan Partners Limited Partnership lifted its holdings in MYR Group Inc. (NASDAQ:MYRG) by 19.8% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 324,139 shares of the utilities provider’s stock after purchasing an additional 53,496 shares during the period. Artisan Partners Limited Partnership owned about 2.01% of MYR Group worth $48,222,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised its stake in shares of MYR Group by 3.7% in the third quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock worth $44,113,000 after buying an additional 15,361 shares during the period. American Century Companies Inc. increased its stake in MYR Group by 38.2% in 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 in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in MYR Group by 3.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 242,201 shares of the utilities provider’s stock valued at $36,032,000 after acquiring an additional 9,146 shares during the period. Bank of New York Mellon Corp lifted its position in shares of MYR Group by 12.3% in the fourth quarter. Bank of New York Mellon Corp now owns 238,740 shares of the utilities provider’s stock valued at $35,517,000 after acquiring an additional 26,205 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. bought a new position in shares of MYR Group in the third quarter worth about $24,145,000. 88.90% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

MYR Group Price Performance

Shares of MYR Group stock opened at $116.31 on Friday. 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 12 month low of $86.60 and a 12 month high of $181.02. The stock has a 50 day moving average of $130.85 and a 200 day moving average of $133.25. The firm has a market cap of $1.88 billion, a PE ratio of 50.79 and a beta of 0.93.

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.