Zurcher Kantonalbank Zurich Cantonalbank Reduces Position in MYR Group Inc. (NASDAQ:MYRG)

Zurcher Kantonalbank Zurich Cantonalbank decreased its stake in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 58.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,794 shares of the utilities provider's stock after selling 12,142 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.05% of MYR Group worth $1,308,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC raised its holdings in shares of MYR Group by 77.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 54,405 shares of the utilities provider's stock valued at $8,045,000 after purchasing an additional 23,760 shares in the last quarter. Fisher Asset Management LLC raised its holdings in shares of MYR Group by 11.1% in the 3rd quarter. Fisher Asset Management LLC now owns 37,752 shares of the utilities provider's stock valued at $3,859,000 after purchasing an additional 3,759 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of MYR Group by 3.7% in the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider's stock valued at $44,113,000 after purchasing an additional 15,361 shares in the last quarter. Walleye Capital LLC raised its holdings in shares of MYR Group by 422.6% in the 3rd quarter. Walleye Capital LLC now owns 43,985 shares of the utilities provider's stock valued at $4,497,000 after purchasing an additional 35,569 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of MYR Group by 27.0% in the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider's stock valued at $83,000 after purchasing an additional 118 shares in the last quarter. Institutional investors own 88.90% of the company's stock.

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Analyst Ratings Changes

MYRG has been the subject of several recent research reports. Robert W. Baird reduced their price target 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. KeyCorp raised shares of MYR Group from a "sector weight" rating to an "overweight" rating and set a $136.00 price objective on the stock in a research report on Friday, March 14th. Finally, Stifel Nicolaus lifted their price objective on shares of MYR Group from $153.00 to $172.00 and gave the stock a "buy" rating in a research report on Wednesday, December 11th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $155.00.

MYR Group Stock Up 1.3 %

Shares of MYR Group stock traded up $1.69 on Friday, reaching $127.04. The stock had a trading volume of 500,283 shares, compared to its average volume of 199,293. The company has a 50 day moving average price of $133.11 and a 200 day moving average price of $132.16. 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 1 year low of $86.60 and a 1 year high of $181.02. The stock has a market capitalization of $2.05 billion, a P/E ratio of 55.48 and a beta of 0.93.

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.