Charles Schwab Investment Management Inc. Raises Stake in MYR Group Inc. (NASDAQ:MYRG)

Charles Schwab Investment Management Inc. increased its stake in MYR Group Inc. (NASDAQ:MYRG) by 3.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 242,201 shares of the utilities provider’s stock after buying an additional 9,146 shares during the period. Charles Schwab Investment Management Inc.’s holdings in MYR Group were worth $36,032,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MYRG. Allspring Global Investments Holdings LLC raised its stake in shares of MYR Group by 77.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 54,405 shares of the utilities provider’s stock valued at $8,045,000 after acquiring an additional 23,760 shares in the last quarter. Fisher Asset Management LLC raised its position 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 purchasing an additional 3,759 shares in the last quarter. State of New Jersey Common Pension Fund D raised its position in MYR Group by 66.5% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 19,161 shares of the utilities provider’s stock valued at $1,959,000 after purchasing an additional 7,655 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of MYR Group by 3.7% in the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock worth $44,113,000 after buying an additional 15,361 shares during the period. Finally, Walleye Capital LLC grew its position in shares of MYR Group by 422.6% during the 3rd quarter. Walleye Capital LLC now owns 43,985 shares of the utilities provider’s stock worth $4,497,000 after buying an additional 35,569 shares in the last quarter. Institutional investors own 88.90% of the company’s stock.

MYR Group Price Performance

MYRG opened at $117.21 on Friday. The firm has a market capitalization of $1.89 billion, a PE ratio of 51.18 and a beta of 0.93. The business’s 50-day moving average is $135.18 and its two-hundred day moving average is $131.53. MYR Group Inc. has a 1 year low of $86.60 and a 1 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.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MYRG. Stifel Nicolaus lifted their price objective on MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. KeyCorp raised shares of MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 price target for the company in a research report on Friday. Finally, Robert W. Baird cut their price objective on shares of MYR Group from $201.00 to $159.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $155.00.

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.