MYR Group Inc. (NASDAQ:MYRG) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue decreased its stake in MYR Group Inc. (NASDAQ:MYRG) by 2.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,164 shares of the utilities provider’s stock after selling 257 shares during the quarter. State of Alaska Department of Revenue owned approximately 0.06% of MYR Group worth $1,363,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of MYRG. Jacobs Levy Equity Management Inc. acquired a new stake in shares of MYR Group in the third quarter valued at about $24,145,000. Assenagon Asset Management S.A. grew its position in shares of MYR Group by 387.9% in the third quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider’s stock valued at $18,978,000 after purchasing an additional 147,598 shares during the period. TimesSquare Capital Management LLC grew its position in shares of MYR Group by 178.5% in the third quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider’s stock valued at $21,794,000 after purchasing an additional 136,643 shares during the period. BNP Paribas Financial Markets grew its position in shares of MYR Group by 586.2% in the third quarter. BNP Paribas Financial Markets now owns 70,335 shares of the utilities provider’s stock valued at $7,190,000 after purchasing an additional 60,085 shares during the period. Finally, Edgestream Partners L.P. acquired a new stake in shares of MYR Group in the third quarter valued at about $5,035,000. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Stock Performance

MYRG opened at $136.52 on Thursday. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The firm’s 50-day moving average price is $150.51 and its 200 day moving average price is $129.21. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $181.02. The firm has a market capitalization of $2.20 billion, a PE ratio of 59.62 and a beta of 0.94.

Wall Street Analysts Forecast Growth

MYRG has been the topic of several research analyst reports. Stifel Nicolaus lifted their target price on shares of MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. StockNews.com upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. Robert W. Baird boosted their price target on shares of MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, The Goldman Sachs Group boosted their price target on shares of MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $157.00.

About MYR Group

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.