Envestnet Asset Management Inc. Acquires 4,805 Shares of MYR Group Inc. (NASDAQ:MYRG)

Envestnet Asset Management Inc. increased its position in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 33.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 19,159 shares of the utilities provider's stock after buying an additional 4,805 shares during the period. Envestnet Asset Management Inc. owned 0.12% of MYR Group worth $2,850,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. ANTIPODES PARTNERS Ltd lifted 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 last quarter. Tidal Investments LLC increased its stake in shares of MYR Group by 2.0% during the 3rd quarter. Tidal Investments LLC now owns 4,286 shares of the utilities provider's stock worth $438,000 after purchasing an additional 83 shares in the last quarter. GAMMA Investing LLC lifted its stake 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 valued at $83,000 after buying an additional 118 shares during the period. MCF Advisors LLC lifted its holdings in shares of 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. Finally, Morgan Dempsey Capital Management LLC increased its position in MYR Group by 17.5% during the 4th quarter. Morgan Dempsey Capital Management LLC now owns 1,317 shares of the utilities provider's stock worth $196,000 after purchasing an additional 196 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Piper Sandler started coverage on shares of MYR Group in a research note on Tuesday, April 8th. They issued a "neutral" rating and a $124.00 target price on the stock. The Goldman Sachs Group reduced their target price on shares of MYR Group from $164.00 to $145.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Stifel Nicolaus decreased their price target on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. KeyCorp upgraded shares of MYR Group from a "sector weight" rating to an "overweight" rating and set a $136.00 price objective for the company in a report on Friday, March 14th. Finally, Robert W. Baird cut their price target on MYR Group from $201.00 to $159.00 and set an "outperform" rating for the company in a report on Thursday, February 27th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $139.00.

MYR Group Price Performance

Shares of NASDAQ MYRG traded up $2.68 during mid-day trading on Tuesday, hitting $125.63. 292,437 shares of the stock traded hands, compared to its average volume of 210,886. The company has a market cap of $2.03 billion, a PE ratio of 54.86 and a beta of 1.07. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $171.10. The firm has a 50 day simple moving average of $117.06 and a two-hundred day simple moving average of $135.12.

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.