Bryce Point Capital LLC Acquires New Position in MYR Group Inc. (NASDAQ:MYRG)

Bryce Point Capital LLC acquired a new position in shares of 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 fund acquired 6,841 shares of the utilities provider's stock, valued at approximately $1,018,000.

Several other institutional investors and hedge funds have also recently modified their holdings of MYRG. MCF Advisors LLC lifted its stake in shares of MYR Group by 470.0% during the 4th quarter. MCF Advisors LLC now owns 171 shares of the utilities provider's stock worth $25,000 after buying an additional 141 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new stake in MYR Group during the fourth quarter worth approximately $47,000. Smartleaf Asset Management LLC boosted its holdings in shares of MYR Group by 697.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider's stock worth $49,000 after acquiring an additional 286 shares during the period. GAMMA Investing LLC grew its position 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 last quarter. Finally, ANTIPODES PARTNERS Ltd increased its stake 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 purchasing an additional 72 shares during the period. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Robert W. Baird reduced their price target on MYR Group from $201.00 to $159.00 and set an "outperform" rating for the company in a research note on Thursday, February 27th. Piper Sandler initiated coverage on shares of MYR Group in a research report on Tuesday. They issued a "neutral" rating and a $124.00 target price for the company. Stifel Nicolaus raised their price target on shares of MYR Group from $153.00 to $172.00 and gave the stock a "buy" rating in a research report on Wednesday, December 11th. Finally, KeyCorp upgraded 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 research note on Friday, March 14th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, MYR Group has an average rating of "Moderate Buy" and a consensus price target of $148.80.

MYR Group Price Performance

Shares of MYRG traded up $1.32 during trading hours on Tuesday, hitting $106.79. 46,502 shares of the company were exchanged, compared to its average volume of 207,007. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. MYR Group Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $181.02. The company has a market cap of $1.72 billion, a price-to-earnings ratio of 46.60 and a beta of 1.07. The firm's fifty day moving average is $126.03 and its 200 day moving average is $134.36.

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.