Geode Capital Management LLC lifted its holdings in MYR Group, Inc. (NASDAQ:MYRG – Free Report) by 3.5% in the fourth quarter, HoldingsChannel.com reports. The fund owned 396,166 shares of the utilities provider’s stock after buying an additional 13,511 shares during the quarter. Geode Capital Management LLC’s holdings in MYR Group were worth $86,574,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of MYR Group by 3.3% during the fourth quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider’s stock valued at $276,501,000 after buying an additional 40,164 shares during the last quarter. Wellington Management Group LLP raised its position in shares of MYR Group by 69.2% during the third quarter. Wellington Management Group LLP now owns 624,791 shares of the utilities provider’s stock valued at $129,975,000 after buying an additional 255,493 shares during the last quarter. Fisher Asset Management LLC raised its position in shares of MYR Group by 4.7% during the fourth quarter. Fisher Asset Management LLC now owns 471,706 shares of the utilities provider’s stock valued at $103,068,000 after buying an additional 21,304 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of MYR Group by 2.3% during the fourth quarter. Principal Financial Group Inc. now owns 389,009 shares of the utilities provider’s stock valued at $84,998,000 after buying an additional 8,695 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of MYR Group by 59.9% during the third quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock valued at $51,058,000 after buying an additional 91,923 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.
MYR Group Stock Performance
Shares of MYRG opened at $445.66 on Monday. The company’s fifty day moving average is $381.31 and its 200 day moving average is $293.29. MYR Group, Inc. has a fifty-two week low of $158.48 and a fifty-two week high of $484.71. The stock has a market capitalization of $6.94 billion, a PE ratio of 49.14 and a beta of 1.32. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently issued reports on MYRG shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a research report on Tuesday, April 21st. Stifel Nicolaus set a $503.00 price objective on shares of MYR Group in a research report on Monday, May 4th. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. The Goldman Sachs Group lifted their price objective on shares of MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research report on Tuesday, March 3rd. Finally, Robert W. Baird set a $373.00 price objective on shares of MYR Group in a research report on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $358.17.
View Our Latest Analysis on MYR Group
Insider Buying and Selling at MYR Group
In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of MYR Group stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the completion of the transaction, the director directly owned 5,579 shares of the company’s stock, valued at $2,507,927.87. The trade was a 72.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the transaction, the director directly owned 18,631 shares of the company’s stock, valued at $8,393,265.50. The trade was a 15.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.90% of the company’s stock.
MYR Group Company Profile
MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.
Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.
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