Bryce Point Capital LLC Purchases Shares of 6,841 MYR Group Inc. (NASDAQ:MYRG)

Bryce Point Capital LLC purchased a new position in shares of MYR Group Inc. (NASDAQ:MYRG) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 6,841 shares of the utilities provider’s stock, valued at approximately $1,018,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. MCF Advisors LLC raised its stake in 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. Arcadia Investment Management Corp MI bought a new position in MYR Group during the 4th quarter valued at about $47,000. Smartleaf Asset Management LLC boosted its position in MYR Group by 697.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider’s stock valued at $49,000 after buying an additional 286 shares in the last quarter. GAMMA Investing LLC grew its stake in 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 buying an additional 118 shares during the last quarter. Finally, ANTIPODES PARTNERS Ltd grew its stake in MYR Group by 13.2% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider’s stock worth $92,000 after buying an additional 72 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

MYR Group Stock Performance

Shares of MYR Group stock opened at $119.63 on Thursday. The firm has a 50 day simple moving average of $128.58 and a 200 day simple moving average of $133.97. MYR Group Inc. has a fifty-two week low of $86.60 and a fifty-two week 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. The firm has a market cap of $1.93 billion, a P/E ratio of 52.24 and a beta of 0.93.

Analysts Set New Price Targets

Several brokerages have recently commented on MYRG. Robert W. Baird reduced their target price on MYR Group from $201.00 to $159.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Stifel Nicolaus boosted their price objective on MYR Group from $153.00 to $172.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Finally, KeyCorp upgraded MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 target price for the company in a research note on Friday, March 14th. One equities 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 company presently has a consensus rating of “Moderate Buy” and a consensus price target 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.