Cibc World Markets Corp Acquires New Stake in MYR Group Inc. (NASDAQ:MYRG)

Cibc World Markets Corp bought a new position in shares of MYR Group Inc. (NASDAQ:MYRG) in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 1,497 shares of the utilities provider’s stock, valued at approximately $223,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC grew its holdings 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 worth $8,045,000 after buying an additional 23,760 shares in the last quarter. Fisher Asset Management LLC boosted 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 worth $3,859,000 after acquiring an additional 3,759 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of MYR Group by 3.7% during the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock worth $44,113,000 after acquiring an additional 15,361 shares in the last quarter. Walleye Capital LLC raised its holdings in shares of MYR Group by 422.6% in the third quarter. Walleye Capital LLC now owns 43,985 shares of the utilities provider’s stock valued at $4,497,000 after purchasing an additional 35,569 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of MYR Group by 27.0% in the fourth quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock worth $83,000 after purchasing an additional 118 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Stock Down 6.2 %

MYR Group stock opened at $120.97 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. The company’s 50-day moving average is $132.12 and its 200-day moving average is $133.18. The firm has a market capitalization of $1.95 billion, a PE ratio of 52.83 and a beta of 0.93. MYR Group Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $181.02.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. KeyCorp raised shares of MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 target price for the company in a research report on Friday, March 14th. Stifel Nicolaus lifted their target price 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, Robert W. Baird reduced their price target on MYR Group from $201.00 to $159.00 and set an “outperform” rating for the company in a research report on Thursday, February 27th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, MYR Group presently has an average rating of “Moderate Buy” and a consensus target price of $155.00.

MYR Group Company 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.