Allspring Global Investments Holdings LLC Has $8.05 Million Stock Holdings in MYR Group Inc. (NASDAQ:MYRG)

Allspring Global Investments Holdings LLC boosted its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 77.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 54,405 shares of the utilities provider’s stock after buying an additional 23,760 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.34% of MYR Group worth $8,045,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. MCF Advisors LLC grew its stake in MYR Group by 470.0% during the 4th quarter. MCF Advisors LLC now owns 171 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 141 shares in the last quarter. GAMMA Investing LLC raised its holdings in MYR Group by 27.0% in the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock worth $83,000 after acquiring an additional 118 shares during the period. KBC Group NV boosted its holdings in MYR Group by 56.8% during the fourth quarter. KBC Group NV now owns 737 shares of the utilities provider’s stock valued at $110,000 after acquiring an additional 267 shares during the period. DekaBank Deutsche Girozentrale bought a new stake in MYR Group during the third quarter valued at about $116,000. Finally, Millburn Ridgefield Corp acquired a new stake in shares of MYR Group in the third quarter valued at about $130,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Price Performance

Shares of NASDAQ:MYRG opened at $132.16 on Wednesday. MYR Group Inc. has a 1-year low of $86.60 and a 1-year high of $181.02. The firm has a market capitalization of $2.13 billion, a PE ratio of 57.71 and a beta of 0.94. 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 business’s 50 day moving average is $148.11 and its 200-day moving average is $129.44.

Analyst Ratings Changes

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