404,768 Shares in MYR Group Inc. (NASDAQ:MYRG) Purchased by Wellington Management Group LLP

Wellington Management Group LLP bought a new stake in shares of MYR Group Inc. (NASDAQ:MYRG) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 404,768 shares of the utilities provider’s stock, valued at approximately $60,217,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. MCF Advisors LLC increased its stake in shares of MYR Group by 470.0% during the fourth quarter. MCF Advisors LLC now owns 171 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 141 shares during the period. Arcadia Investment Management Corp MI bought a new position in MYR Group during the 4th quarter valued at $47,000. Smartleaf Asset Management LLC increased its position 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 period. GAMMA Investing LLC raised its stake in shares of MYR Group by 27.0% in the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock worth $83,000 after buying an additional 118 shares in the last quarter. Finally, ANTIPODES PARTNERS Ltd lifted its holdings in shares of MYR Group by 13.2% in the fourth quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider’s stock valued at $92,000 after buying an additional 72 shares during the period. 88.90% of the stock is currently owned by institutional investors.

MYR Group Price Performance

NASDAQ MYRG opened at $105.29 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. MYR Group Inc. has a 1 year low of $86.60 and a 1 year high of $181.02. The company has a market cap of $1.70 billion, a PE ratio of 45.98 and a beta of 0.93. The stock’s 50-day moving average price is $126.67 and its two-hundred day moving average price is $134.08.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on MYRG shares. Stifel Nicolaus boosted their price target on shares of MYR Group from $153.00 to $172.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. KeyCorp upgraded shares of MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 target price on the stock in a report on Friday, March 14th. Finally, Robert W. Baird reduced their target price on shares of MYR Group from $201.00 to $159.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently 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.