AlphaQuest LLC Has $225,000 Position in MYR Group Inc. (NASDAQ:MYRG)

AlphaQuest LLC cut its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 30.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,515 shares of the utilities provider’s stock after selling 671 shares during the period. AlphaQuest LLC’s holdings in MYR Group were worth $225,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. State of New Jersey Common Pension Fund D lifted its holdings in shares of MYR Group by 66.5% during 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 period. Aigen Investment Management LP bought a new stake in shares of MYR Group in the 3rd quarter valued at about $334,000. Quest Partners LLC acquired a new stake in shares of MYR Group in the third quarter valued at about $223,000. Advisors Asset Management Inc. raised its position in shares of MYR Group by 4.9% during the third quarter. Advisors Asset Management Inc. now owns 22,250 shares of the utilities provider’s stock worth $2,275,000 after acquiring an additional 1,049 shares during the last quarter. Finally, Intech Investment Management LLC lifted its stake in shares of MYR Group by 153.5% in the third quarter. Intech Investment Management LLC now owns 10,378 shares of the utilities provider’s stock worth $1,061,000 after acquiring an additional 6,284 shares during the period. 88.90% of the stock is currently owned by institutional investors and hedge funds.

MYR Group Stock Performance

Shares of MYRG stock opened at $117.21 on Friday. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The firm has a fifty day simple moving average of $135.18 and a two-hundred day simple moving average of $131.53. MYR Group Inc. has a 12 month low of $86.60 and a 12 month high of $181.02. The firm has a market capitalization of $1.89 billion, a PE ratio of 51.18 and a beta of 0.93.

Analysts Set New Price Targets

A number of analysts have 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. Robert W. Baird lowered their target price 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. Finally, Stifel Nicolaus upped their price target on shares of MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently 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.