AlphaQuest LLC Cuts Stock Holdings in MYR Group, Inc. $MYRG

AlphaQuest LLC lessened its stake in MYR Group, Inc. (NASDAQ:MYRG) by 62.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,903 shares of the utilities provider’s stock after selling 3,142 shares during the quarter. AlphaQuest LLC’s holdings in MYR Group were worth $396,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Fisher Asset Management LLC raised its position in shares of MYR Group by 12.7% in the 2nd quarter. Fisher Asset Management LLC now owns 446,199 shares of the utilities provider’s stock worth $80,963,000 after buying an additional 50,148 shares during the period. Bank of New York Mellon Corp increased its stake in MYR Group by 97.4% during the second quarter. Bank of New York Mellon Corp now owns 350,478 shares of the utilities provider’s stock worth $63,594,000 after acquiring an additional 172,962 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of MYR Group by 0.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock worth $22,998,000 after purchasing an additional 1,437 shares during the period. Bank of America Corp DE lifted its stake in shares of MYR Group by 13.3% in the 2nd quarter. Bank of America Corp DE now owns 180,522 shares of the utilities provider’s stock valued at $32,756,000 after purchasing an additional 21,236 shares in the last quarter. Finally, Next Century Growth Investors LLC lifted its stake in shares of MYR Group by 1.6% in the 2nd quarter. Next Century Growth Investors LLC now owns 157,043 shares of the utilities provider’s stock valued at $28,495,000 after purchasing an additional 2,533 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

MYR Group Price Performance

MYRG opened at $268.76 on Friday. The company has a fifty day simple moving average of $234.06 and a 200 day simple moving average of $211.90. The firm has a market cap of $4.17 billion, a price-to-earnings ratio of 43.42 and a beta of 1.17. MYR Group, Inc. has a twelve month low of $97.72 and a twelve month high of $270.88. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.11.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on MYRG shares. Stifel Nicolaus increased their target price on shares of MYR Group from $237.00 to $262.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Clear Str raised shares of MYR Group to a “strong-buy” rating in a research report on Monday, December 15th. Zacks Research lowered shares of MYR Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 30th. Cantor Fitzgerald started coverage on shares of MYR Group in a research report on Friday, January 23rd. They set an “overweight” rating and a $285.00 price target for the company. Finally, The Goldman Sachs Group increased their price target on MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a report on Friday, November 14th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $218.71.

About MYR Group

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.