Louisiana State Employees Retirement System Reduces Stake in MYR Group Inc. (NASDAQ:MYRG)

Louisiana State Employees Retirement System decreased its holdings in MYR Group Inc. (NASDAQ:MYRG) by 2.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,800 shares of the utilities provider’s stock after selling 200 shares during the period. Louisiana State Employees Retirement System’s holdings in MYR Group were worth $1,160,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Creative Planning lifted its stake in MYR Group by 193.0% in the 3rd quarter. Creative Planning now owns 4,841 shares of the utilities provider’s stock worth $495,000 after purchasing an additional 3,189 shares in the last quarter. Vontobel Holding Ltd. raised its position in MYR Group by 44.5% in the 3rd quarter. Vontobel Holding Ltd. now owns 6,440 shares of the utilities provider’s stock worth $658,000 after purchasing an additional 1,984 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of MYR Group by 2.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 30,645 shares of the utilities provider’s stock valued at $3,133,000 after acquiring an additional 728 shares during the last quarter. Jade Capital Advisors LLC purchased a new position in shares of MYR Group in the third quarter worth $2,045,000. Finally, Assenagon Asset Management S.A. increased 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 acquiring an additional 147,598 shares during the period. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

MYR Group Trading Down 0.1 %

Shares of MYRG stock opened at $134.00 on Monday. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. MYR Group Inc. has a 12-month low of $86.60 and a 12-month high of $181.02. The stock’s 50-day moving average price is $149.22 and its 200-day moving average price is $129.03. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of 58.52 and a beta of 0.94.

Analyst Ratings Changes

A number of brokerages have recently weighed in on MYRG. The Goldman Sachs Group lifted their target price on shares of MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Robert W. Baird raised their price target on MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Stifel Nicolaus upped their price objective on MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. Finally, StockNews.com upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $157.00.

MYR Group Profile

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.