MYR Group Inc. (NASDAQ:MYRG) Stake Cut by Legal & General Group Plc

Legal & General Group Plc decreased its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 3.3% in the 4th quarter, Holdings Channel reports. The firm owned 47,190 shares of the utilities provider’s stock after selling 1,608 shares during the quarter. Legal & General Group Plc’s holdings in MYR Group were worth $7,020,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased 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 worth $44,113,000 after acquiring an additional 15,361 shares during the period. Wellington Management Group LLP bought a new stake in MYR Group during the fourth quarter worth approximately $60,217,000. American Century Companies Inc. lifted its position in MYR Group by 38.2% in the fourth quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider’s stock worth $49,368,000 after purchasing an additional 91,644 shares during the period. Artisan Partners Limited Partnership boosted its stake in MYR Group by 19.8% during the 4th quarter. Artisan Partners Limited Partnership now owns 324,139 shares of the utilities provider’s stock valued at $48,222,000 after purchasing an additional 53,496 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of MYR Group by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 242,201 shares of the utilities provider’s stock valued at $36,032,000 after purchasing an additional 9,146 shares during the period. Institutional investors own 88.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on MYRG shares. Stifel Nicolaus cut 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. 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 research report on Thursday, February 27th. 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 price objective on the stock. 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 research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, MYR Group currently has an average rating of “Moderate Buy” and an average price target of $140.60.

MYR Group Stock Performance

Shares of NASDAQ MYRG opened at $114.70 on Friday. MYR Group Inc. has a one year low of $86.60 and a one year high of $171.10. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of 50.09 and a beta of 1.07. The business has a fifty day simple moving average of $119.05 and a 200 day simple moving average of $134.68.

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.