First Trust Advisors LP Acquires 25,510 Shares of MYR Group Inc. (NASDAQ:MYRG)

First Trust Advisors LP increased its holdings in MYR Group Inc. (NASDAQ:MYRG - Free Report) by 43.4% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 84,261 shares of the utilities provider's stock after buying an additional 25,510 shares during the quarter. First Trust Advisors LP owned about 0.52% of MYR Group worth $12,536,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of MYRG. Barclays PLC raised its holdings in shares of MYR Group by 192.2% during the third quarter. Barclays PLC now owns 34,987 shares of the utilities provider's stock valued at $3,578,000 after purchasing an additional 23,013 shares during the last quarter. Tidal Investments LLC lifted its holdings in shares of MYR Group by 2.0% during the 3rd quarter. Tidal Investments LLC now owns 4,286 shares of the utilities provider's stock valued at $438,000 after buying an additional 83 shares during the period. Principal Financial Group Inc. grew its holdings in shares of MYR Group by 3.7% in the third quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider's stock worth $44,113,000 after acquiring an additional 15,361 shares during the period. GAMMA Investing LLC increased its position in MYR Group by 27.0% during the fourth quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider's stock valued at $83,000 after acquiring an additional 118 shares during the last quarter. Finally, West Oak Capital LLC lifted its holdings in MYR Group by 234.4% in the fourth quarter. West Oak Capital LLC now owns 4,515 shares of the utilities provider's stock valued at $672,000 after acquiring an additional 3,165 shares during the period. Hedge funds and other institutional investors own 88.90% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Piper Sandler initiated coverage on MYR Group in a research note on Tuesday, April 8th. They set a "neutral" rating and a $124.00 price target for the company. Robert W. Baird reduced their target price on shares of MYR Group from $201.00 to $159.00 and set an "outperform" rating for the company in a report on Thursday, February 27th. Stifel Nicolaus cut their price objective on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. The Goldman Sachs Group decreased 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. Finally, KeyCorp raised MYR Group from a "sector weight" rating to an "overweight" rating and set a $136.00 price target for the company in a report on Friday, March 14th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, MYR Group has a consensus rating of "Moderate Buy" and an average target price of $139.00.

MYR Group Stock Performance

MYRG opened at $123.43 on Monday. 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 stock 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 fifty day moving average of $117.30 and a 200 day moving average of $135.09. MYR Group Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $171.10.

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.

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