Penserra Capital Management LLC Purchases Shares of 2,046 MYR Group, Inc. $MYRG

Penserra Capital Management LLC acquired a new position in shares of MYR Group, Inc. (NASDAQ:MYRG) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,046 shares of the utilities provider’s stock, valued at approximately $425,000.

A number of other hedge funds have also modified their holdings of the company. CWA Asset Management Group LLC acquired a new position in MYR Group during the 3rd quarter worth approximately $1,506,000. Russell Investments Group Ltd. raised its holdings in shares of MYR Group by 22.4% in the second quarter. Russell Investments Group Ltd. now owns 75,878 shares of the utilities provider’s stock valued at $13,768,000 after purchasing an additional 13,889 shares during the last quarter. Vanguard Personalized Indexing Management LLC bought a new stake in shares of MYR Group in the second quarter worth $211,000. Allspring Global Investments Holdings LLC boosted its holdings in MYR Group by 29.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 48,685 shares of the utilities provider’s stock worth $8,797,000 after purchasing an additional 11,107 shares during the last quarter. Finally, Prudential Financial Inc. grew its position in MYR Group by 62.7% in the second quarter. Prudential Financial Inc. now owns 26,975 shares of the utilities provider’s stock valued at $4,895,000 after purchasing an additional 10,391 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors.

MYR Group Price Performance

NASDAQ:MYRG opened at $268.76 on Monday. MYR Group, Inc. has a 12-month low of $97.72 and a 12-month high of $270.88. The firm has a market capitalization of $4.17 billion, a price-to-earnings ratio of 43.42 and a beta of 1.17. The stock’s 50 day moving average price is $234.06 and its two-hundred day moving average price is $212.05. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.11.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on MYRG shares. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. The Goldman Sachs Group upped their target price on MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a report on Friday, November 14th. Stifel Nicolaus raised their price target on MYR Group from $237.00 to $262.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Zacks Research lowered MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 30th. Finally, Weiss Ratings raised MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus 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.