KBC Group NV Raises Holdings in MYR Group Inc. (NASDAQ:MYRG)

KBC Group NV lifted its position in shares of MYR Group Inc. (NASDAQ:MYRG) by 56.8% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 737 shares of the utilities provider’s stock after buying an additional 267 shares during the period. KBC Group NV’s holdings in MYR Group were worth $110,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in MYRG. Jacobs Levy Equity Management Inc. acquired a new stake in shares of MYR Group during the 3rd quarter worth $24,145,000. Assenagon Asset Management S.A. boosted its stake in shares of MYR Group by 387.9% in the third quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider’s stock valued at $18,978,000 after purchasing an additional 147,598 shares during the period. TimesSquare Capital Management LLC grew its holdings in MYR Group by 178.5% during the 3rd quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider’s stock valued at $21,794,000 after purchasing an additional 136,643 shares in the last quarter. BNP Paribas Financial Markets increased its stake in MYR Group by 586.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 70,335 shares of the utilities provider’s stock worth $7,190,000 after buying an additional 60,085 shares during the period. Finally, Edgestream Partners L.P. purchased a new position in MYR Group in the third quarter valued at about $5,035,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Down 1.4 %

MYR Group stock opened at $147.68 on Friday. The company’s 50-day moving average price is $151.66 and its two-hundred day moving average price is $129.40. The stock has a market cap of $2.38 billion, a price-to-earnings ratio of 64.49 and a beta of 0.94. MYR Group Inc. has a 52 week low of $86.60 and a 52 week high of $181.02. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Stifel Nicolaus increased their price objective on shares of MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. Robert W. Baird raised their target price on shares of MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. StockNews.com upgraded MYR Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. Finally, The Goldman Sachs Group increased their price objective on MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, MYR Group has a consensus rating of “Moderate Buy” and an average target price of $157.00.

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.