Two Sigma Securities LLC Invests $242,000 in MYR Group Inc. (NASDAQ:MYRG)

Two Sigma Securities LLC acquired a new stake in MYR Group Inc. (NASDAQ:MYRG) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,627 shares of the utilities provider’s stock, valued at approximately $242,000.

Other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its holdings in shares of MYR Group by 77.5% in 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 during the last quarter. Principal Financial Group Inc. increased its position 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 valued at $44,113,000 after acquiring an additional 15,361 shares during the period. GAMMA Investing LLC raised its stake in 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 acquiring an additional 118 shares during the last quarter. Bank of New York Mellon Corp lifted its position in MYR Group by 12.3% during the 4th quarter. Bank of New York Mellon Corp now owns 238,740 shares of the utilities provider’s stock worth $35,517,000 after acquiring an additional 26,205 shares during the period. Finally, Truist Financial Corp grew its stake in MYR Group by 51.1% during the 4th quarter. Truist Financial Corp now owns 3,402 shares of the utilities provider’s stock valued at $506,000 after purchasing an additional 1,150 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. The Goldman Sachs Group reduced their price objective on MYR Group from $164.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, April 24th. Piper Sandler began coverage on shares of MYR Group in a research note on Tuesday, April 8th. They set a “neutral” rating and a $124.00 price objective for the company. KeyCorp raised shares of MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 price objective on the stock in a report on Friday, March 14th. 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. Finally, Stifel Nicolaus lowered their price target on shares of MYR Group from $157.00 to $131.00 and set a “buy” rating on the stock in a report on Wednesday, April 9th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $139.00.

MYR Group Stock Up 2.2 %

MYRG opened at $125.63 on Wednesday. The company has a fifty day moving average of $117.02 and a two-hundred day moving average of $135.06. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. MYR Group Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $171.10. The stock has a market capitalization of $2.03 billion, a price-to-earnings ratio of 54.86 and a beta of 1.07.

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.