MYR Group, Inc. $MYRG Shares Purchased by New York State Common Retirement Fund

New York State Common Retirement Fund lifted its holdings in MYR Group, Inc. (NASDAQ:MYRG) by 119.9% in the 3rd quarter, Holdings Channel.com reports. The firm owned 34,827 shares of the utilities provider’s stock after purchasing an additional 18,986 shares during the quarter. New York State Common Retirement Fund’s holdings in MYR Group were worth $7,245,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Bank of New York Mellon Corp increased its position in shares of MYR Group by 97.4% in the second quarter. Bank of New York Mellon Corp now owns 350,478 shares of the utilities provider’s stock valued at $63,594,000 after buying an additional 172,962 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in MYR Group by 154.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 148,455 shares of the utilities provider’s stock valued at $30,883,000 after acquiring an additional 90,051 shares during the period. Adage Capital Partners GP L.L.C. purchased a new stake in MYR Group in the 2nd quarter worth $13,609,000. Boston Partners increased its holdings in MYR Group by 70.0% in the 2nd quarter. Boston Partners now owns 151,839 shares of the utilities provider’s stock worth $27,553,000 after acquiring an additional 62,515 shares in the last quarter. Finally, Marshall Wace LLP raised its position in MYR Group by 131.0% during the second quarter. Marshall Wace LLP now owns 109,630 shares of the utilities provider’s stock worth $19,892,000 after acquiring an additional 62,168 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Trading Down 5.8%

Shares of MYR Group stock opened at $248.72 on Thursday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.33 and a quick ratio of 1.33. The stock’s 50 day simple moving average is $232.77 and its 200-day simple moving average is $210.88. The stock has a market cap of $3.86 billion, a P/E ratio of 40.18 and a beta of 1.17. MYR Group, Inc. has a 1-year low of $97.72 and a 1-year high of $266.00.

Wall Street Analysts Forecast Growth

MYRG has been the subject of a number of research reports. Stifel Nicolaus boosted their target price on shares of MYR Group from $237.00 to $262.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Weiss Ratings upgraded MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 22nd. Clear Str raised MYR Group to a “strong-buy” rating in a report on Monday, December 15th. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. Finally, The Goldman Sachs Group boosted their price target on MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a research report on Friday, November 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, MYR Group presently has an average rating of “Moderate Buy” and a consensus price target of $218.71.

MYR Group 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.