Legal & General Group Plc Trims Position in MYR Group Inc. (NASDAQ:MYRG)

Legal & General Group Plc cut its stake in shares of MYR Group Inc. (NASDAQ:MYRG) by 3.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 47,190 shares of the utilities provider’s stock after selling 1,608 shares during the period. Legal & General Group Plc owned approximately 0.29% of MYR Group worth $7,020,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. FMR LLC lifted its holdings in MYR Group by 90.2% in the third quarter. FMR LLC now owns 2,336 shares of the utilities provider’s stock valued at $239,000 after acquiring an additional 1,108 shares during the period. Barclays PLC boosted its stake in shares of MYR Group by 192.2% during the 3rd quarter. Barclays PLC now owns 34,987 shares of the utilities provider’s stock worth $3,578,000 after acquiring an additional 23,013 shares in the last quarter. Tidal Investments LLC increased its stake in MYR Group by 2.0% in the 3rd quarter. Tidal Investments LLC now owns 4,286 shares of the utilities provider’s stock valued at $438,000 after purchasing an additional 83 shares in the last quarter. Principal Financial Group Inc. boosted its position 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 buying an additional 15,361 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in MYR Group by 27.0% during the fourth quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock worth $83,000 after acquiring an additional 118 shares during the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on MYRG shares. KeyCorp raised 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. Robert W. Baird dropped their target price on MYR Group from $201.00 to $159.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Stifel Nicolaus lowered their price target on MYR Group from $157.00 to $131.00 and set a “buy” rating for the company in a report on Wednesday, April 9th. Finally, Piper Sandler started coverage on shares of MYR Group in a research report on Tuesday, April 8th. They issued a “neutral” rating and a $124.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $140.60.

MYR Group Price Performance

MYRG stock opened at $114.70 on Friday. The firm has a market cap of $1.85 billion, a P/E ratio of 50.09 and a beta of 1.07. The stock has a 50-day simple moving average of $119.05 and a 200-day simple moving average of $134.68. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. MYR Group Inc. has a 1 year low of $86.60 and a 1 year high of $171.10.

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.