Proficio Capital Partners LLC Acquires Shares of 12,645 MYR Group Inc. (NASDAQ:MYRG)

Proficio Capital Partners LLC purchased a new position in MYR Group Inc. (NASDAQ:MYRG) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 12,645 shares of the utilities provider’s stock, valued at approximately $1,881,000. Proficio Capital Partners LLC owned 0.08% of MYR Group at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Victory Capital Management Inc. raised its holdings in MYR Group by 2.4% during the 4th quarter. Victory Capital Management Inc. now owns 18,128 shares of the utilities provider’s stock valued at $2,697,000 after acquiring an additional 424 shares during the period. Charles Schwab Investment Management Inc. grew its position in MYR Group by 3.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 242,201 shares of the utilities provider’s stock valued at $36,032,000 after acquiring an additional 9,146 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of MYR Group by 697.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider’s stock valued at $49,000 after purchasing an additional 286 shares during the last quarter. Morgan Dempsey Capital Management LLC increased its holdings in shares of MYR Group by 17.5% in the fourth quarter. Morgan Dempsey Capital Management LLC now owns 1,317 shares of the utilities provider’s stock worth $196,000 after buying an additional 196 shares during the period. Finally, US Bancorp DE increased its stake in MYR Group by 12.8% in the 4th quarter. US Bancorp DE now owns 6,117 shares of the utilities provider’s stock worth $910,000 after purchasing an additional 695 shares during the period. 88.90% of the stock is currently owned by institutional investors.

MYR Group Price Performance

MYRG opened at $126.50 on Thursday. MYR Group Inc. has a 1 year low of $86.60 and a 1 year high of $181.02. The stock has a 50-day moving average price of $133.84 and a 200-day moving average price of $132.03. The firm has a market cap of $2.04 billion, a PE ratio of 55.24 and a beta of 0.93. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Robert W. Baird lowered their price objective on shares of MYR Group from $201.00 to $159.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Stifel Nicolaus raised 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, KeyCorp upgraded shares of MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 price objective on the stock in a report on Friday, March 14th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $155.00.

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.