Thornburg Investment Management Inc. Purchases 8,258 Shares of MYR Group Inc. (NASDAQ:MYRG)

Thornburg Investment Management Inc. grew its position in shares of MYR Group Inc. (NASDAQ:MYRG) by 6.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 136,260 shares of the utilities provider’s stock after purchasing an additional 8,258 shares during the period. Thornburg Investment Management Inc. owned about 0.85% of MYR Group worth $20,271,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. MCF Advisors LLC raised its holdings in shares of MYR Group by 470.0% during the 4th quarter. MCF Advisors LLC now owns 171 shares of the utilities provider’s stock valued at $25,000 after buying an additional 141 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new position in shares of MYR Group during the fourth quarter worth approximately $47,000. Smartleaf Asset Management LLC lifted its holdings in shares of MYR Group by 697.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider’s stock worth $49,000 after acquiring an additional 286 shares during the last quarter. ANTIPODES PARTNERS Ltd lifted its holdings in shares of MYR Group by 13.2% in the 4th quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider’s stock worth $92,000 after acquiring an additional 72 shares during the last quarter. Finally, Quadrant Capital Group LLC boosted its stake in shares of MYR Group by 52.4% in the 4th quarter. Quadrant Capital Group LLC now owns 666 shares of the utilities provider’s stock valued at $99,000 after purchasing an additional 229 shares in the last quarter. Institutional investors own 88.90% of the company’s stock.

MYR Group Stock Up 0.6%

Shares of NASDAQ:MYRG opened at $164.55 on Friday. The stock’s 50-day moving average is $126.32 and its 200 day moving average is $138.27. The company has a market cap of $2.55 billion, a PE ratio of 71.86 and a beta of 1.06. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. MYR Group Inc. has a 1 year low of $86.60 and a 1 year high of $168.88.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.27. The firm had revenue of $833.62 million for the quarter, compared to analyst estimates of $788.98 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period last year, the company earned $1.12 EPS. Sell-side analysts anticipate that MYR Group Inc. will post 1.16 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently commented on MYRG shares. Piper Sandler lifted their target price on shares of MYR Group from $124.00 to $138.00 and gave the stock a “neutral” rating in a research report on Monday, May 5th. Stifel Nicolaus decreased their price objective on MYR Group from $157.00 to $131.00 and set a “buy” rating on the stock in a report on Wednesday, April 9th. StockNews.com raised MYR Group from a “hold” rating to a “buy” rating in a research note on Monday, May 5th. KeyCorp increased their target price on MYR Group from $136.00 to $163.00 and gave the company an “overweight” rating in a report on Friday, May 2nd. Finally, Robert W. Baird boosted their price objective on MYR Group from $159.00 to $170.00 and gave the company an “outperform” rating in a research report on Thursday, May 1st. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $149.40.

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.