Allspring Global Investments Holdings LLC Purchases 23,760 Shares of MYR Group Inc. (NASDAQ:MYRG)

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

Several other institutional investors also recently modified their holdings of MYRG. Fisher Asset Management LLC lifted its stake in MYR Group by 11.1% during the 3rd quarter. Fisher Asset Management LLC now owns 37,752 shares of the utilities provider’s stock valued at $3,859,000 after acquiring an additional 3,759 shares during the period. State of New Jersey Common Pension Fund D boosted its holdings in MYR Group by 66.5% in the third quarter. State of New Jersey Common Pension Fund D now owns 19,161 shares of the utilities provider’s stock worth $1,959,000 after purchasing an additional 7,655 shares during the last quarter. Walleye Capital LLC increased its position in MYR Group by 422.6% during the third quarter. Walleye Capital LLC now owns 43,985 shares of the utilities provider’s stock valued at $4,497,000 after acquiring an additional 35,569 shares during the last quarter. Principal Financial Group Inc. lifted its position in MYR Group by 3.7% during the third quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock valued at $44,113,000 after purchasing an additional 15,361 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in MYR Group by 27.0% during the fourth quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock valued at $83,000 after acquiring an additional 118 shares during the period. 88.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

MYR Group Price Performance

Shares of MYRG stock opened at $132.16 on Wednesday. The company’s 50-day simple moving average is $148.11 and its two-hundred day simple moving average is $129.44. The company has a market capitalization of $2.13 billion, a P/E ratio of 57.71 and a beta of 0.94. MYR Group Inc. has a one year low of $86.60 and a one year high of $181.02. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35.

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.