Bank of New York Mellon Corp Purchases 26,205 Shares of MYR Group Inc. (NASDAQ:MYRG)

Bank of New York Mellon Corp increased its holdings in MYR Group Inc. (NASDAQ:MYRG - Free Report) by 12.3% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 238,740 shares of the utilities provider's stock after buying an additional 26,205 shares during the quarter. Bank of New York Mellon Corp owned about 1.48% of MYR Group worth $35,517,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Jacobs Levy Equity Management Inc. bought a new stake in shares of MYR Group in the third quarter worth approximately $24,145,000. TimesSquare Capital Management LLC raised its stake in MYR Group by 178.5% during the 3rd quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider's stock valued at $21,794,000 after buying an additional 136,643 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of MYR Group by 586.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 70,335 shares of the utilities provider's stock worth $7,190,000 after buying an additional 60,085 shares during the last quarter. Edgestream Partners L.P. purchased a new stake in MYR Group during the third quarter valued at $5,035,000. Finally, Congress Asset Management Co. lifted its holdings in MYR Group by 111.3% in the fourth quarter. Congress Asset Management Co. now owns 84,827 shares of the utilities provider's stock valued at $12,620,000 after acquiring an additional 44,675 shares during the period. Hedge funds and other institutional investors own 88.90% of the company's stock.

Analyst Upgrades and Downgrades

MYRG has been the subject of several recent research reports. Robert W. Baird cut their target price on shares of MYR Group from $201.00 to $159.00 and set an "outperform" rating for the company in a research report on Thursday, February 27th. Stifel Nicolaus raised their price objective on MYR Group from $153.00 to $172.00 and gave the stock a "buy" rating in a research note on Wednesday, December 11th.

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MYR Group Price Performance

Shares of MYR Group stock traded down $2.34 during trading hours on Monday, hitting $110.33. The company's stock had a trading volume of 10,542 shares, compared to its average volume of 209,187. The company has a market cap of $1.78 billion, a PE ratio of 49.01 and a beta of 0.93. 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 business has a 50 day moving average price of $138.88 and a two-hundred day moving average price of $131.37. MYR Group Inc. has a 12-month low of $86.60 and a 12-month high of $181.02.

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.