Mutual Advisors LLC Buys Shares of 4,414 MYR Group, Inc. $MYRG

Mutual Advisors LLC purchased a new position in MYR Group, Inc. (NASDAQ:MYRG) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 4,414 shares of the utilities provider’s stock, valued at approximately $923,000.

A number of other hedge funds have also made changes to their positions in MYRG. Bank of New York Mellon Corp grew its holdings 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 valued at $63,594,000 after purchasing an additional 172,962 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of MYR Group by 154.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 148,455 shares of the utilities provider’s stock worth $30,883,000 after buying an additional 90,051 shares during the period. Adage Capital Partners GP L.L.C. bought a new stake in shares of MYR Group during the 2nd quarter worth $13,609,000. Boston Partners grew its stake in MYR Group by 70.0% in the 2nd quarter. Boston Partners now owns 151,839 shares of the utilities provider’s stock valued at $27,553,000 after buying an additional 62,515 shares during the last quarter. Finally, Marshall Wace LLP raised its holdings in MYR Group by 131.0% in the 2nd 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. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Stock Performance

Shares of NASDAQ:MYRG opened at $248.72 on Thursday. The business’s fifty day moving average price is $232.77 and its two-hundred day moving average price is $210.88. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.33 and a quick ratio of 1.33. MYR Group, Inc. has a fifty-two week low of $97.72 and a fifty-two week high of $266.00. The stock has a market capitalization of $3.86 billion, a price-to-earnings ratio of 40.18 and a beta of 1.17.

Analyst Ratings Changes

MYRG has been the topic of several research analyst reports. Zacks Research downgraded MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 30th. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Stifel Nicolaus lifted their price target on MYR Group from $237.00 to $262.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Cantor Fitzgerald started coverage on MYR Group in a research report on Friday, January 23rd. They issued an “overweight” rating and a $285.00 price objective for the company. Finally, Weiss Ratings upgraded shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, MYR Group currently has a consensus rating of “Moderate Buy” and a consensus target price 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.