Allspring Global Investments Holdings LLC Purchases 23,760 Shares of MYR Group Inc. (NASDAQ:MYRG)

Allspring Global Investments Holdings LLC grew its stake in MYR Group Inc. (NASDAQ:MYRG - Free Report) by 77.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 54,405 shares of the utilities provider's stock after acquiring an additional 23,760 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.34% of MYR Group worth $8,045,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Fisher Asset Management LLC increased its stake in MYR Group by 11.1% during the 3rd quarter. Fisher Asset Management LLC now owns 37,752 shares of the utilities provider's stock worth $3,859,000 after purchasing an additional 3,759 shares in the last quarter. State of New Jersey Common Pension Fund D increased its stake in MYR Group by 66.5% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 19,161 shares of the utilities provider's stock worth $1,959,000 after purchasing an additional 7,655 shares in the last quarter. Principal Financial Group Inc. increased its stake in MYR Group by 3.7% during the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider's stock worth $44,113,000 after purchasing an additional 15,361 shares in the last quarter. Walleye Capital LLC increased its stake in MYR Group by 422.6% during the 3rd quarter. Walleye Capital LLC now owns 43,985 shares of the utilities provider's stock worth $4,497,000 after purchasing an additional 35,569 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in MYR Group by 27.0% during the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider's stock worth $83,000 after purchasing an additional 118 shares in the last quarter. 88.90% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on MYRG shares. Stifel Nicolaus upped their price target on MYR Group from $153.00 to $172.00 and gave the stock a "buy" rating in a research report on Wednesday, December 11th. StockNews.com raised MYR Group from a "sell" rating to a "hold" rating in a research report on Monday, November 4th. The Goldman Sachs Group upped their price target on MYR Group from $124.00 to $153.00 and gave the stock a "buy" rating in a research report on Monday, November 4th. Finally, Robert W. Baird upped their price target on MYR Group from $131.00 to $138.00 and gave the stock an "outperform" rating in a research report on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, MYR Group presently has an average rating of "Moderate Buy" and an average price target of $157.00.

MYR Group Stock Down 5.5 %

Shares of NASDAQ MYRG traded down $6.97 during trading hours on Friday, hitting $120.54. The company had a trading volume of 243,353 shares, compared to its average volume of 184,602. The stock has a market capitalization of $1.94 billion, a P/E ratio of 52.64 and a beta of 0.94. 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 1-year low of $86.60 and a 1-year high of $181.02. The firm's 50 day moving average is $146.65 and its 200-day moving average is $129.46.

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.