Engineers Gate Manager LP trimmed its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG – Free Report) by 44.0% in the 2nd quarter, Holdings Channel.com reports. The firm owned 4,308 shares of the utilities provider’s stock after selling 3,381 shares during the period. Engineers Gate Manager LP’s holdings in MYR Group were worth $2,156,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in MYRG. Kilter Group LLC bought a new position in MYR Group during the 2nd quarter valued at approximately $25,000. Global Retirement Partners LLC bought a new stake in MYR Group in the second quarter worth $30,000. Carolina Wealth Advisors LLC purchased a new stake in shares of MYR Group in the second quarter worth $30,000. Parallel Advisors LLC increased its holdings in shares of MYR Group by 207.9% during the first quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 79 shares in the last quarter. Finally, Allworth Financial LP bought a new position in shares of MYR Group during the second quarter valued at $40,000. 88.90% of the stock is owned by institutional investors.
MYR Group Stock Down 0.2%
MYRG opened at $271.29 on Wednesday. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.01. The firm has a 50 day moving average price of $337.45 and a 200-day moving average price of $361.32. MYR Group, Inc. has a twelve month low of $171.51 and a twelve month high of $503.57. The stock has a market capitalization of $4.22 billion, a price-to-earnings ratio of 25.74 and a beta of 1.31.
Wall Street Analysts Forecast Growth
A number of equities analysts recently issued reports on MYRG shares. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 10th. Wall Street Zen downgraded shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 29th. Weiss Ratings downgraded shares of MYR Group from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, September 2nd. Jefferies Financial Group set a $392.00 target price on MYR Group in a research note on Friday, July 10th. Finally, Oppenheimer restated a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $451.20.
Get Our Latest Stock Analysis on MYRG
About MYR Group
MYR Group Inc (NASDAQ: MYRG) is a holding company that provides specialized electrical construction and infrastructure services in the United States and Canada. Through its operating subsidiaries, the company serves utilities, renewable energy developers, commercial and industrial businesses, government entities and other customers.
Its utility infrastructure operations focus on the construction, maintenance and repair of electric transmission and distribution systems, substations, storm restoration projects and other power-delivery infrastructure.
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