Portolan Capital Management LLC purchased a new position in MYR Group Inc. (NASDAQ:MYRG - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 38,341 shares of the utilities provider's stock, valued at approximately $5,704,000. Portolan Capital Management LLC owned 0.24% of MYR Group at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its position in shares of MYR Group by 77.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 54,405 shares of the utilities provider's stock valued at $8,045,000 after acquiring an additional 23,760 shares during the period. Principal Financial Group Inc. grew its position in shares of MYR Group by 3.7% during the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider's stock valued at $44,113,000 after purchasing an additional 15,361 shares in the last quarter. GAMMA Investing LLC increased its holdings 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 worth $83,000 after purchasing an additional 118 shares during the period. Bank of New York Mellon Corp raised its position in shares of MYR Group by 12.3% in the fourth quarter. Bank of New York Mellon Corp now owns 238,740 shares of the utilities provider's stock worth $35,517,000 after buying an additional 26,205 shares in the last quarter. Finally, Truist Financial Corp grew its position in MYR Group by 51.1% during the fourth quarter. Truist Financial Corp now owns 3,402 shares of the utilities provider's stock worth $506,000 after buying an additional 1,150 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
MYRG has been the topic of a number of recent analyst reports. KeyCorp raised shares of MYR Group from a "sector weight" rating to an "overweight" rating and set a $136.00 target price on the stock in a research note on Friday, March 14th. Piper Sandler assumed coverage on MYR Group in a research note on Tuesday, April 8th. They issued a "neutral" rating and a $124.00 target price on the stock. Robert W. Baird dropped their target price on MYR Group from $201.00 to $159.00 and set an "outperform" rating for the company in a research report on Thursday, February 27th. Finally, Stifel Nicolaus reduced their price target on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $140.60.
Check Out Our Latest Research Report on MYRG
MYR Group Trading Up 0.7 %
Shares of NASDAQ:MYRG traded up $0.79 during midday trading on Friday, hitting $114.70. 120,500 shares of the stock traded hands, compared to its average volume of 209,546. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $1.85 billion, a PE ratio of 50.09 and a beta of 1.07. MYR Group Inc. has a one year low of $86.60 and a one year high of $171.10. The business's 50 day moving average is $119.05 and its two-hundred day moving average is $134.47.
About MYR Group
(
Free Report)
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.
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