Next Century Growth Investors LLC Grows Stock Holdings in MYR Group Inc. (NASDAQ:MYRG)

Next Century Growth Investors LLC raised its stake in MYR Group Inc. (NASDAQ:MYRG) by 513.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 151,610 shares of the utilities provider’s stock after acquiring an additional 126,910 shares during the period. MYR Group makes up 1.7% of Next Century Growth Investors LLC’s portfolio, making the stock its 13th biggest position. Next Century Growth Investors LLC owned approximately 0.94% of MYR Group worth $22,555,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of MYRG. Argent Trust Co purchased a new stake in shares of MYR Group during the fourth quarter valued at $257,000. Kennedy Capital Management LLC purchased a new position in shares of MYR Group during the 4th quarter worth $3,050,000. DRW Securities LLC bought a new stake in shares of MYR Group during the 4th quarter valued at $1,514,000. ACK Asset Management LLC purchased a new stake in shares of MYR Group in the 4th quarter worth $29,754,000. Finally, Bank of Montreal Can raised its holdings in MYR Group by 6.3% in the 4th quarter. Bank of Montreal Can now owns 3,356 shares of the utilities provider’s stock worth $499,000 after purchasing an additional 199 shares during the period. Institutional investors own 88.90% of the company’s stock.

MYR Group Stock Performance

Shares of NASDAQ MYRG opened at $111.86 on Friday. The company has a market cap of $1.81 billion, a P/E ratio of 48.85 and a beta of 1.07. MYR Group Inc. has a 52-week low of $86.60 and a 52-week high of $172.73. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. The firm’s fifty day moving average is $122.20 and its two-hundred day moving average is $134.29.

Analysts Set New Price Targets

MYRG has been the subject of a number of analyst reports. KeyCorp upgraded MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 price target for the company in a research report on Friday, March 14th. Stifel Nicolaus reduced their target price on shares of MYR Group from $157.00 to $131.00 and set a “buy” rating for the company in a report on Wednesday. Piper Sandler initiated coverage on shares of MYR Group in a research note on Tuesday. They issued a “neutral” rating and a $124.00 price objective for the company. Finally, Robert W. Baird lowered their target price on shares of MYR Group from $201.00 to $159.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $140.60.

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.