Avantax Advisory Services Inc. Buys New Shares in MYR Group Inc. (NASDAQ:MYRG)

Avantax Advisory Services Inc. purchased a new position in shares of MYR Group Inc. (NASDAQ:MYRG) in the fourth quarter, HoldingsChannel reports. The fund purchased 1,448 shares of the utilities provider’s stock, valued at approximately $215,000.

Several other large investors have also added to or reduced their stakes in MYRG. Quest Partners LLC acquired a new stake in shares of MYR Group during the third quarter worth about $223,000. Intech Investment Management LLC boosted its holdings in shares of MYR Group by 153.5% in the 3rd quarter. Intech Investment Management LLC now owns 10,378 shares of the utilities provider’s stock valued at $1,061,000 after acquiring an additional 6,284 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of MYR Group by 8.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 233,055 shares of the utilities provider’s stock worth $23,825,000 after acquiring an additional 17,580 shares during the period. Fisher Asset Management LLC boosted its holdings in MYR Group by 11.1% in the third quarter. Fisher Asset Management LLC now owns 37,752 shares of the utilities provider’s stock valued at $3,859,000 after purchasing an additional 3,759 shares during the last quarter. Finally, Quantbot Technologies LP grew its position in MYR Group by 57.4% during the 3rd quarter. Quantbot Technologies LP now owns 19,366 shares of the utilities provider’s stock worth $1,980,000 after purchasing an additional 7,060 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Stifel Nicolaus upped their target price on MYR Group from $153.00 to $172.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. 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, Robert W. Baird dropped 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 note on Thursday, February 27th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $155.00.

MYR Group Price Performance

MYR Group stock opened at $120.97 on Thursday. The stock has a market capitalization of $1.95 billion, a P/E ratio of 52.83 and a beta of 0.93. The company’s fifty day moving average price is $132.12 and its 200 day moving average price is $133.18. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. MYR Group Inc. has a 1 year low of $86.60 and a 1 year high of $181.02.

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.