Invesco Ltd. Cuts Stake in MYR Group Inc. (NASDAQ:MYRG)

Invesco Ltd. decreased its holdings in MYR Group Inc. (NASDAQ:MYRG - Free Report) by 4.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 138,098 shares of the utilities provider's stock after selling 6,780 shares during the quarter. Invesco Ltd. owned 0.86% of MYR Group worth $20,545,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Bank of Montreal Can grew its holdings in shares of MYR Group by 6.3% in the fourth quarter. Bank of Montreal Can now owns 3,356 shares of the utilities provider's stock worth $499,000 after acquiring an additional 199 shares during the period. Quadrant Capital Group LLC grew its stake in shares of MYR Group by 52.4% during the 4th quarter. Quadrant Capital Group LLC now owns 666 shares of the utilities provider's stock valued at $99,000 after purchasing an additional 229 shares during the period. Russell Investments Group Ltd. increased its position in shares of MYR Group by 73.5% during the 4th quarter. Russell Investments Group Ltd. now owns 73,683 shares of the utilities provider's stock valued at $10,962,000 after purchasing an additional 31,209 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of MYR Group by 33.5% in the 4th quarter. Envestnet Asset Management Inc. now owns 19,159 shares of the utilities provider's stock worth $2,850,000 after purchasing an additional 4,805 shares during the period. Finally, Wells Fargo & Company MN boosted its holdings in shares of MYR Group by 219.3% in the fourth quarter. Wells Fargo & Company MN now owns 63,869 shares of the utilities provider's stock worth $9,502,000 after buying an additional 43,865 shares during the last quarter. Institutional investors own 88.90% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Robert W. Baird decreased their price target 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. KeyCorp upgraded MYR Group from a "sector weight" rating to an "overweight" rating and set a $136.00 price objective for the company in a research note on Friday, March 14th. Piper Sandler initiated coverage on MYR Group in a research report on Tuesday, April 8th. They set a "neutral" rating and a $124.00 target price on the stock. Finally, Stifel Nicolaus reduced their price target on MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $140.60.

MYR Group Price Performance

Shares of MYRG traded up $3.33 during trading hours on Thursday, reaching $119.85. 20,032 shares of the stock traded hands, compared to its average volume of 227,140. The company has a market cap of $1.93 billion, a P/E ratio of 52.34 and a beta of 1.07. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The company's 50-day moving average price is $117.75 and its two-hundred day moving average price is $134.66. MYR Group Inc. has a 52-week low of $86.60 and a 52-week high of $171.10.

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.