MYR Group Inc. (NASDAQ:MYRG) Stake Trimmed by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board lessened its position in MYR Group Inc. (NASDAQ:MYRG - Free Report) by 50.0% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 10,600 shares of the utilities provider's stock after selling 10,600 shares during the period. Canada Pension Plan Investment Board owned approximately 0.07% of MYR Group worth $1,577,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. MCF Advisors LLC grew its holdings in MYR Group by 470.0% in the fourth quarter. MCF Advisors LLC now owns 171 shares of the utilities provider's stock valued at $25,000 after purchasing an additional 141 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new position in MYR Group in the fourth quarter valued at $47,000. Smartleaf Asset Management LLC boosted its position in shares of MYR Group by 697.6% in 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 last quarter. GAMMA Investing LLC grew its stake in shares of MYR Group by 27.0% during the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider's stock valued at $83,000 after buying an additional 118 shares during the period. Finally, ANTIPODES PARTNERS Ltd increased its stake in 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. Hedge funds and other institutional investors own 88.90% of the company's stock.

MYR Group Price Performance

Shares of MYRG stock traded up $2.77 during mid-day trading on Friday, hitting $123.43. 145,622 shares of the stock traded hands, compared to its average volume of 210,734. 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 firm has a market cap of $1.99 billion, a price-to-earnings ratio of 53.90 and a beta of 1.07. The company's 50-day simple moving average is $117.30 and its 200-day simple moving average is $134.96. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $171.10.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on MYRG shares. Piper Sandler assumed coverage on shares of MYR Group in a report on Tuesday, April 8th. They set a "neutral" rating and a $124.00 target price on the stock. Robert W. Baird dropped 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. The Goldman Sachs Group reduced their target price on MYR Group from $164.00 to $145.00 and set a "buy" rating on the stock in a report on Thursday. Stifel Nicolaus decreased their price target on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. Finally, KeyCorp raised MYR Group from a "sector weight" rating to an "overweight" rating and set a $136.00 target price on the stock in a research report on Friday, March 14th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $139.00.

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.