Kennedy Capital Management LLC Makes New Investment in MYR Group Inc. (NASDAQ:MYRG)

Kennedy Capital Management LLC acquired a new stake in MYR Group Inc. (NASDAQ:MYRG - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 20,499 shares of the utilities provider's stock, valued at approximately $3,050,000. Kennedy Capital Management LLC owned approximately 0.13% of MYR Group as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. MCF Advisors LLC boosted its stake in MYR Group by 470.0% during the fourth quarter. MCF Advisors LLC now owns 171 shares of the utilities provider's stock worth $25,000 after buying an additional 141 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new position in shares of MYR Group during the 4th quarter worth $47,000. Smartleaf Asset Management LLC boosted its position in shares of MYR Group by 697.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider's stock valued at $49,000 after acquiring an additional 286 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of MYR Group by 27.0% in the fourth quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider's stock valued at $83,000 after purchasing an additional 118 shares during the period. Finally, ANTIPODES PARTNERS Ltd raised its stake in MYR Group by 13.2% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider's stock worth $92,000 after purchasing an additional 72 shares during the period. Institutional investors and hedge funds own 88.90% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on MYRG shares. Stifel Nicolaus dropped their price target on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Robert W. Baird lowered their price objective on MYR Group from $201.00 to $159.00 and set an "outperform" rating for the company in a research report on Thursday, February 27th. Piper Sandler assumed coverage on MYR Group in a research note on Tuesday, April 8th. They issued a "neutral" rating and a $124.00 price target on the stock. Finally, KeyCorp upgraded 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 equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $140.60.

MYR Group Trading Up 0.7 %

Shares of MYRG traded up $0.79 during midday trading on Friday, hitting $114.70. 120,500 shares of the stock were exchanged, compared to its average volume of 209,546. MYR Group Inc. has a 52-week low of $86.60 and a 52-week 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 has a fifty day simple moving average of $119.05 and a 200 day simple moving average of $134.47. The firm has a market cap of $1.85 billion, a P/E 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.