Bank of New York Mellon Corp Purchases 26,205 Shares of MYR Group Inc. (NASDAQ:MYRG)

Bank of New York Mellon Corp raised its position in shares of MYR Group Inc. (NASDAQ:MYRG) by 12.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 238,740 shares of the utilities provider’s stock after purchasing an additional 26,205 shares during the period. Bank of New York Mellon Corp owned 1.48% of MYR Group worth $35,517,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Tidal Investments LLC lifted its position in shares of MYR Group by 2.0% during the third quarter. Tidal Investments LLC now owns 4,286 shares of the utilities provider’s stock worth $438,000 after acquiring an additional 83 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of MYR Group by 27.0% during the fourth quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock worth $83,000 after acquiring an additional 118 shares in the last quarter. MCF Advisors LLC lifted its position in shares of MYR Group by 470.0% during the fourth quarter. MCF Advisors LLC now owns 171 shares of the utilities provider’s stock worth $25,000 after acquiring an additional 141 shares in the last quarter. Rhumbline Advisers lifted its position in shares of MYR Group by 0.5% during the fourth quarter. Rhumbline Advisers now owns 45,246 shares of the utilities provider’s stock worth $6,731,000 after acquiring an additional 216 shares in the last quarter. Finally, KBC Group NV lifted its position in shares of MYR Group by 56.8% during the fourth quarter. KBC Group NV now owns 737 shares of the utilities provider’s stock worth $110,000 after acquiring an additional 267 shares in the last quarter. 88.90% of the stock is owned by institutional investors.

MYR Group Stock Performance

Shares of MYRG opened at $112.67 on Friday. 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 Inc. has a one year low of $86.60 and a one year high of $181.02. The company has a 50-day simple moving average of $139.63 and a two-hundred day simple moving average of $130.94. The firm has a market capitalization of $1.82 billion, a PE ratio of 49.20 and a beta of 0.93.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Stifel Nicolaus increased their price objective on MYR Group from $153.00 to $172.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. Robert W. Baird lowered their price objective on MYR Group from $201.00 to $159.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th.

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.