10,180 Shares in MYR Group Inc. (NASDAQ:MYRG) Acquired by DRW Securities LLC

DRW Securities LLC purchased a new position in shares of MYR Group Inc. (NASDAQ:MYRG) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 10,180 shares of the utilities provider’s stock, valued at approximately $1,514,000.

Several other institutional investors have also made changes to their positions in the stock. Allspring Global Investments Holdings LLC lifted its stake in MYR Group by 77.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 54,405 shares of the utilities provider’s stock valued at $8,045,000 after acquiring an additional 23,760 shares during the last quarter. Principal Financial Group Inc. lifted its stake in MYR Group by 3.7% in the third 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 during the last quarter. GAMMA Investing LLC lifted its stake in MYR Group by 27.0% in the fourth quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock valued at $83,000 after acquiring an additional 118 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in MYR Group by 12.3% in the fourth quarter. Bank of New York Mellon Corp now owns 238,740 shares of the utilities provider’s stock valued at $35,517,000 after acquiring an additional 26,205 shares during the last quarter. Finally, Truist Financial Corp lifted its stake in MYR Group by 51.1% in the fourth quarter. Truist Financial Corp now owns 3,402 shares of the utilities provider’s stock valued at $506,000 after acquiring an additional 1,150 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Robert W. Baird reduced their target price 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. Piper Sandler began coverage on shares of MYR Group in a research note on Tuesday. They issued a “neutral” rating and a $124.00 price objective for the company. 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 price objective for the company in a research note on Friday, March 14th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, MYR Group currently has an average rating of “Moderate Buy” and a consensus price target of $140.60.

MYR Group Price Performance

Shares of MYR Group stock opened at $115.11 on Thursday. MYR Group Inc. has a 1-year low of $86.60 and a 1-year high of $172.73. The firm has a fifty day simple moving average of $123.38 and a 200-day simple moving average of $134.10. The stock has a market capitalization of $1.86 billion, a price-to-earnings ratio of 50.27 and a beta of 1.07. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15.

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.