Geode Capital Management LLC Reduces Holdings in MYR Group Inc. (NASDAQ:MYRG)

Geode Capital Management LLC decreased its stake in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 2.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 377,116 shares of the utilities provider's stock after selling 9,437 shares during the quarter. Geode Capital Management LLC owned about 2.34% of MYR Group worth $56,117,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of MYRG. Allspring Global Investments Holdings LLC raised its holdings in shares of MYR Group by 77.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 54,405 shares of the utilities provider's stock valued at $8,045,000 after purchasing an additional 23,760 shares during the period. Principal Financial Group Inc. increased its holdings in shares of MYR Group by 3.7% during the third quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider's stock valued at $44,113,000 after acquiring an additional 15,361 shares in the last quarter. GAMMA Investing LLC raised its position in shares of MYR Group by 27.0% during the fourth quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider's stock worth $83,000 after purchasing an additional 118 shares during the period. Bank of New York Mellon Corp grew its position in MYR Group by 12.3% in the 4th quarter. Bank of New York Mellon Corp now owns 238,740 shares of the utilities provider's stock valued at $35,517,000 after purchasing an additional 26,205 shares during the period. Finally, Truist Financial Corp raised its holdings in MYR Group by 51.1% during the fourth quarter. Truist Financial Corp now owns 3,402 shares of the utilities provider's stock worth $506,000 after buying an additional 1,150 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Robert W. Baird decreased 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 lowered their price objective on MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. 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 report on Friday, March 14th. Finally, Piper Sandler began coverage on MYR Group in a report on Tuesday, April 8th. They set a "neutral" rating and a $124.00 price target for the company. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $140.60.

MYR Group Stock Performance

MYR Group stock traded up $0.79 during mid-day trading on Friday, reaching $114.70. 120,500 shares of the company's stock were exchanged, compared to its average volume of 209,546. The business's fifty day simple moving average is $119.05 and its 200 day simple moving average is $134.47. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. MYR Group Inc. has a one year low of $86.60 and a one year high of $171.10. The firm has a market capitalization of $1.85 billion, a PE ratio of 50.09 and a beta of 1.07.

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.