MYR Group Inc. (NASDAQ:MYRG) Shares Purchased by Capital World Investors

Capital World Investors raised its position in shares of MYR Group Inc. (NASDAQ:MYRG) by 90.7% in the fourth quarter, Holdings Channel.com reports. The fund owned 140,267 shares of the utilities provider’s stock after acquiring an additional 66,719 shares during the quarter. Capital World Investors’ holdings in MYR Group were worth $20,868,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in MYRG. Allspring Global Investments Holdings LLC lifted its holdings in MYR Group by 77.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 54,405 shares of the utilities provider’s stock valued at $8,045,000 after purchasing an additional 23,760 shares in the last quarter. Principal Financial Group Inc. boosted its position in MYR Group by 3.7% during the third quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock worth $44,113,000 after acquiring an additional 15,361 shares during the last quarter. GAMMA Investing LLC raised its holdings in MYR Group by 27.0% in the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock valued at $83,000 after acquiring an additional 118 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in MYR Group by 12.3% in the 4th quarter. Bank of New York Mellon Corp now owns 238,740 shares of the utilities provider’s stock worth $35,517,000 after purchasing an additional 26,205 shares in the last quarter. Finally, Truist Financial Corp grew its position in shares of MYR Group by 51.1% in the fourth quarter. Truist Financial Corp now owns 3,402 shares of the utilities provider’s stock valued at $506,000 after purchasing an additional 1,150 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Down 4.4 %

MYR Group stock opened at $109.63 on Tuesday. 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 has a 50 day moving average price of $118.51 and a 200 day moving average price of $134.94. MYR Group Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $171.10. The company has a market capitalization of $1.77 billion, a PE ratio of 47.87 and a beta of 1.07.

Wall Street Analysts Forecast Growth

MYRG has been the topic of a number of recent research reports. KeyCorp raised MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 price objective on the stock in a research note on Friday, March 14th. Piper Sandler initiated coverage on shares of MYR Group in a research report on Tuesday, April 8th. They set a “neutral” rating and a $124.00 price objective for the company. Stifel Nicolaus decreased their target price on shares of MYR Group from $157.00 to $131.00 and set a “buy” rating on the stock in a report on Wednesday, April 9th. Finally, Robert W. Baird reduced their price target 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. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, MYR Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $140.60.

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.