MYR Group Inc. (NASDAQ:MYRG) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut its stake in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 1.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 231,048 shares of the utilities provider's stock after selling 2,474 shares during the period. JPMorgan Chase & Co. owned approximately 1.43% of MYR Group worth $34,373,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Piper Sandler initiated coverage on shares of MYR Group in a research report on Tuesday. They set a "neutral" rating and a $124.00 target price on the stock. Stifel Nicolaus lowered their target price on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a research report on Wednesday. KeyCorp upgraded shares of MYR Group from a "sector weight" rating to an "overweight" rating and set a $136.00 price target for the company in a research report on Friday, March 14th. Finally, Robert W. Baird lowered their price target on MYR Group from $201.00 to $159.00 and set an "outperform" rating on the stock in a report on Thursday, February 27th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $140.60.

MYR Group Price Performance

Shares of MYRG traded down $0.03 during mid-day trading on Friday, reaching $111.86. 152,061 shares of the company's stock were exchanged, compared to its average volume of 208,853. 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 52-week low of $86.60 and a 52-week high of $172.73. The company has a market cap of $1.81 billion, a price-to-earnings ratio of 48.85 and a beta of 1.07. The company has a 50-day simple moving average of $122.20 and a two-hundred day simple moving average of $134.29.

MYR Group Company 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.