Wells Fargo & Company MN Acquires 43,865 Shares of MYR Group Inc. (NASDAQ:MYRG)

Wells Fargo & Company MN raised its holdings in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 219.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 63,869 shares of the utilities provider's stock after buying an additional 43,865 shares during the period. Wells Fargo & Company MN owned about 0.40% of MYR Group worth $9,502,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in MYRG. FMR LLC raised its holdings in MYR Group by 90.2% during the 3rd quarter. FMR LLC now owns 2,336 shares of the utilities provider's stock worth $239,000 after buying an additional 1,108 shares during the period. Barclays PLC raised its holdings in shares of MYR Group by 192.2% during the third quarter. Barclays PLC now owns 34,987 shares of the utilities provider's stock valued at $3,578,000 after acquiring an additional 23,013 shares during the period. Tidal Investments LLC lifted its position in shares of MYR Group by 2.0% in the 3rd quarter. Tidal Investments LLC now owns 4,286 shares of the utilities provider's stock valued at $438,000 after acquiring an additional 83 shares in the last quarter. Principal Financial Group Inc. lifted its position 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 acquiring an additional 15,361 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in MYR Group by 27.0% in the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider's stock worth $83,000 after purchasing an additional 118 shares during the period. Institutional investors and hedge funds own 88.90% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MYRG. KeyCorp upgraded MYR Group from a "sector weight" rating to an "overweight" rating and set a $136.00 target price for the company in a report on Friday, March 14th. Robert W. Baird dropped their price target on MYR Group from $201.00 to $159.00 and set an "outperform" rating on the stock in a research report on Thursday, February 27th. Stifel Nicolaus decreased their price objective on MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. Finally, Piper Sandler began coverage on MYR Group in a report on Tuesday, April 8th. They issued a "neutral" rating and a $124.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $140.60.

MYR Group Stock Up 3.3 %

Shares of NASDAQ:MYRG traded up $3.65 during midday trading on Tuesday, hitting $113.28. 127,258 shares of the stock were exchanged, compared to its average volume of 210,124. The business's fifty day simple moving average is $118.10 and its two-hundred day simple moving average is $134.79. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. MYR Group Inc. has a 52-week low of $86.60 and a 52-week high of $171.10. The company has a market capitalization of $1.83 billion, a PE ratio of 49.47 and a beta of 1.07.

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.