ACK Asset Management LLC Invests $29.75 Million in MYR Group Inc. (NASDAQ:MYRG)

ACK Asset Management LLC bought a new position in MYR Group Inc. (NASDAQ:MYRG - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 200,000 shares of the utilities provider's stock, valued at approximately $29,754,000. MYR Group comprises approximately 4.0% of ACK Asset Management LLC's portfolio, making the stock its 11th largest position. ACK Asset Management LLC owned about 1.24% of MYR Group at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. ANTIPODES PARTNERS Ltd grew its position in shares of MYR Group by 13.2% during the fourth 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. Tidal Investments LLC grew its position in MYR Group by 2.0% in the 3rd quarter. Tidal Investments LLC now owns 4,286 shares of the utilities provider's stock worth $438,000 after purchasing an additional 83 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of MYR Group by 27.0% in the fourth quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider's stock valued at $83,000 after purchasing an additional 118 shares during the period. MCF Advisors LLC raised its holdings in shares of MYR Group by 470.0% during the fourth quarter. MCF Advisors LLC now owns 171 shares of the utilities provider's stock valued at $25,000 after buying an additional 141 shares during the last quarter. Finally, Morgan Dempsey Capital Management LLC raised its holdings in shares of MYR Group by 17.5% during the fourth quarter. Morgan Dempsey Capital Management LLC now owns 1,317 shares of the utilities provider's stock valued at $196,000 after buying an additional 196 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on the company. Robert W. Baird lowered their target price on MYR Group from $201.00 to $159.00 and set an "outperform" rating on the stock in a research report on Thursday, February 27th. Stifel Nicolaus lowered their price target on MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a report on Wednesday. KeyCorp raised shares of MYR Group from a "sector weight" rating to an "overweight" rating and set a $136.00 price objective for the company in a report on Friday, March 14th. Finally, Piper Sandler initiated coverage on shares of MYR Group in a research note on Tuesday, April 8th. They set a "neutral" rating and a $124.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $140.60.

MYR Group Price Performance

Shares of MYR Group stock traded down $0.03 during trading on Friday, hitting $111.86. The stock had a trading volume of 152,061 shares, compared to its average volume of 208,853. The business has a fifty day moving average of $122.20 and a two-hundred day moving average of $134.29. The firm 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 fifty-two week low of $86.60 and a fifty-two week high of $172.73. 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 Company 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.