Wellington Management Group LLP Takes Position in MYR Group Inc. (NASDAQ:MYRG)

Wellington Management Group LLP purchased a new position in MYR Group Inc. (NASDAQ:MYRG - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 404,768 shares of the utilities provider's stock, valued at approximately $60,217,000. Wellington Management Group LLP owned about 2.51% of MYR Group as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. MCF Advisors LLC lifted its position in MYR Group by 470.0% during the 4th quarter. MCF Advisors LLC now owns 171 shares of the utilities provider's stock valued at $25,000 after acquiring an additional 141 shares during the period. Arcadia Investment Management Corp MI bought a new stake in shares of MYR Group in the 4th quarter worth approximately $47,000. Smartleaf Asset Management LLC increased its position in 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 buying an additional 286 shares in the last quarter. GAMMA Investing LLC raised its stake in 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 last quarter. Finally, ANTIPODES PARTNERS Ltd boosted its holdings 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. Institutional investors own 88.90% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on MYRG shares. Piper Sandler assumed coverage on shares of MYR Group in a research report on Tuesday. They set a "neutral" rating and a $124.00 price objective on the stock. Robert W. Baird reduced their price objective on shares of MYR Group from $201.00 to $159.00 and set an "outperform" rating for the company in a research note on Thursday, February 27th. Stifel Nicolaus reduced their price objective 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. Finally, KeyCorp upgraded shares of MYR Group from a "sector weight" rating to an "overweight" rating and set a $136.00 target price for the company in a research report on Friday, March 14th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, MYR Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $140.60.

MYR Group Trading Down 3.7 %

NASDAQ MYRG traded down $4.27 on Thursday, hitting $110.84. 20,249 shares of the stock were exchanged, compared to its average volume of 207,659. The firm has a market capitalization of $1.79 billion, a P/E ratio of 48.98 and a beta of 1.07. MYR Group Inc. has a 52-week low of $86.60 and a 52-week high of $172.73. The stock has a fifty day moving average price of $123.38 and a two-hundred day moving average price of $134.10. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35.

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.