Capital World Investors Purchases 66,719 Shares of MYR Group Inc. (NASDAQ:MYRG)

Capital World Investors grew its position in MYR Group Inc. (NASDAQ:MYRG) by 90.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 140,267 shares of the utilities provider’s stock after purchasing an additional 66,719 shares during the quarter. Capital World Investors owned about 0.87% of MYR Group worth $20,868,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MYRG. First Trust Advisors LP increased its position in MYR Group by 43.4% during the 4th quarter. First Trust Advisors LP now owns 84,261 shares of the utilities provider’s stock valued at $12,536,000 after buying an additional 25,510 shares in the last quarter. Portolan Capital Management LLC purchased a new position in shares of MYR Group in the 4th quarter valued at approximately $5,704,000. Granite Investment Partners LLC boosted its stake in MYR Group by 52.7% in the 4th quarter. Granite Investment Partners LLC now owns 43,408 shares of the utilities provider’s stock worth $6,458,000 after purchasing an additional 14,975 shares in the last quarter. Next Century Growth Investors LLC increased its stake in MYR Group by 513.8% during the 4th quarter. Next Century Growth Investors LLC now owns 151,610 shares of the utilities provider’s stock valued at $22,555,000 after purchasing an additional 126,910 shares in the last quarter. Finally, Argent Trust Co acquired a new stake in shares of MYR Group during the fourth quarter worth $257,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Price Performance

NASDAQ:MYRG opened at $109.63 on Tuesday. The company has a 50 day moving average price of $118.51 and a 200-day moving average price of $134.94. MYR Group Inc. has a 1-year low of $86.60 and a 1-year high of $171.10. The firm has a market cap of $1.77 billion, a price-to-earnings ratio of 47.87 and a beta of 1.07. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MYRG. Stifel Nicolaus reduced their target price on MYR Group from $157.00 to $131.00 and set a “buy” rating for the company in a research note on Wednesday, April 9th. KeyCorp upgraded MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 target price on the stock in a research report on Friday, March 14th. Robert W. Baird dropped their price objective on shares of MYR Group from $201.00 to $159.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Finally, Piper Sandler assumed coverage on shares of MYR Group in a research report on Tuesday, April 8th. They set a “neutral” rating and a $124.00 target price for the company. Two equities 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 an average price target of $140.60.

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.