Franklin Resources Inc. purchased a new position in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,684 shares of the utilities provider's stock, valued at approximately $1,143,000.
Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Principal Financial Group Inc. increased its holdings in shares of 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 acquiring an additional 15,361 shares during the last quarter. Wellington Management Group LLP acquired a new position in shares of MYR Group in the fourth quarter valued at $60,217,000. American Century Companies Inc. raised its position in shares of MYR Group by 38.2% in 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. Artisan Partners Limited Partnership lifted its stake in shares of MYR Group by 19.8% during the 4th quarter. Artisan Partners Limited Partnership now owns 324,139 shares of the utilities provider's stock worth $48,222,000 after buying an additional 53,496 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of MYR Group by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 242,201 shares of the utilities provider's stock worth $36,032,000 after buying an additional 9,146 shares during the period. Institutional investors own 88.90% of the company's stock.
Wall Street Analyst Weigh In
Several research firms have weighed in on MYRG. Piper Sandler started coverage on shares of MYR Group in a report on Tuesday, April 8th. They issued a "neutral" rating and a $124.00 price target on the stock. KeyCorp upgraded MYR Group from a "sector weight" rating to an "overweight" rating and set a $136.00 target price on the stock in a research note on Friday, March 14th. Robert W. Baird decreased their price objective on MYR Group from $201.00 to $159.00 and set an "outperform" rating on the stock in a report on Thursday, February 27th. Finally, Stifel Nicolaus dropped their target price on MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, MYR Group currently has an average rating of "Moderate Buy" and a consensus target price of $140.60.
View Our Latest Stock Report on MYRG
MYR Group Price Performance
Shares of MYRG stock traded up $0.79 during trading on Friday, hitting $114.70. The company had a trading volume of 120,500 shares, compared to its average volume of 210,063. The firm has a market capitalization of $1.85 billion, a P/E ratio of 50.09 and a beta of 1.07. MYR Group Inc. has a one year low of $86.60 and a one year high of $171.10. 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's 50-day moving average price is $119.05 and its 200 day moving average price is $134.90.
About MYR Group
(
Free Report)
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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