Capital World Investors Boosts Stock Position in MYR Group Inc. (NASDAQ:MYRG)

Capital World Investors increased its position in MYR Group Inc. (NASDAQ:MYRG - Free Report) by 90.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 140,267 shares of the utilities provider's stock after acquiring an additional 66,719 shares during the period. Capital World Investors owned about 0.87% of MYR Group worth $20,868,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wellington Management Group LLP bought a new stake in MYR Group in the 4th quarter worth about $60,217,000. ACK Asset Management LLC bought a new stake in shares of MYR Group in the fourth quarter worth approximately $29,754,000. Next Century Growth Investors LLC raised its holdings in shares of MYR Group by 513.8% during the fourth quarter. Next Century Growth Investors LLC now owns 151,610 shares of the utilities provider's stock valued at $22,555,000 after purchasing an additional 126,910 shares during the last quarter. Boston Partners purchased a new position in shares of MYR Group during the fourth quarter valued at approximately $14,811,000. Finally, American Century Companies Inc. lifted its position in MYR Group by 38.2% during the fourth quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider's stock valued at $49,368,000 after purchasing an additional 91,644 shares during the period. 88.90% of the stock is owned by institutional investors.

MYR Group Trading Up 2.3 %

MYRG stock traded up $2.77 during midday trading on Friday, reaching $123.43. 145,622 shares of the company traded hands, compared to its average volume of 210,043. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of 53.90 and a beta of 1.07. 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 of $117.48 and a 200-day moving average of $134.75. MYR Group Inc. has a 52-week low of $86.60 and a 52-week high of $171.10.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Piper Sandler started coverage on MYR Group in a report on Tuesday, April 8th. They issued a "neutral" rating and a $124.00 price objective for the company. Stifel Nicolaus lowered their target price on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a research note on Wednesday, April 9th. The Goldman Sachs Group dropped their price objective on MYR Group from $164.00 to $145.00 and set a "buy" rating for the company in a research note on Thursday. Robert W. Baird reduced their price objective on shares of MYR Group from $201.00 to $159.00 and set an "outperform" rating on the stock in a research report on Thursday, February 27th. Finally, KeyCorp upgraded shares of MYR Group from a "sector weight" rating to an "overweight" rating and set a $136.00 price target on the stock in a research note on Friday, March 14th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $139.00.

MYR Group Company 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.