KLP Kapitalforvaltning AS Acquires Shares of 5,100 MYR Group Inc. (NASDAQ:MYRG)

KLP Kapitalforvaltning AS purchased a new stake in MYR Group Inc. (NASDAQ:MYRG - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 5,100 shares of the utilities provider's stock, valued at approximately $759,000.

Several other large investors also recently made changes to their positions in MYRG. MCF Advisors LLC grew its holdings in MYR Group by 470.0% during the 4th quarter. MCF Advisors LLC now owns 171 shares of the utilities provider's stock worth $25,000 after acquiring an additional 141 shares during the period. Arcadia Investment Management Corp MI bought a new stake in MYR Group in the 4th quarter valued at $47,000. Smartleaf Asset Management LLC lifted its position in MYR Group by 697.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider's stock worth $49,000 after acquiring an additional 286 shares during the last quarter. GAMMA Investing LLC increased its position in MYR Group by 27.0% during the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider's stock worth $83,000 after buying an additional 118 shares during the period. Finally, ANTIPODES PARTNERS Ltd raised its position in shares of MYR Group by 13.2% in the fourth quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider's stock valued at $92,000 after buying an additional 72 shares in the last quarter. Institutional investors own 88.90% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on MYRG. Stifel Nicolaus increased their target price on shares of MYR Group from $153.00 to $172.00 and gave the stock a "buy" rating in a report on Wednesday, December 11th. KeyCorp raised MYR Group from a "sector weight" rating to an "overweight" rating and set a $136.00 target price on the stock in a research report on Friday, March 14th. Finally, Robert W. Baird lowered 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. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $155.00.

Remove Ads

MYR Group Stock Performance

NASDAQ:MYRG traded down $7.48 on Friday, hitting $103.09. The stock had a trading volume of 111,140 shares, compared to its average volume of 238,998. The business's 50-day simple moving average is $127.70 and its two-hundred day simple moving average is $133.80. The stock has a market cap of $1.66 billion, a price-to-earnings ratio of 44.90 and a beta of 0.93. MYR Group Inc. has a 52-week low of $86.60 and a 52-week high of $181.02. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15.

About MYR Group

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.