Wellington Management Group LLP Invests $60.22 Million in MYR Group Inc. (NASDAQ:MYRG)

Wellington Management Group LLP bought a new stake in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 404,768 shares of the utilities provider's stock, valued at approximately $60,217,000. Wellington Management Group LLP owned 2.51% of MYR Group at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its position in MYR Group by 77.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 54,405 shares of the utilities provider's stock valued at $8,045,000 after purchasing an additional 23,760 shares during the last quarter. Bank of New York Mellon Corp raised 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 valued at $35,517,000 after purchasing an additional 26,205 shares during the last quarter. Truist Financial Corp raised its position 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. KBC Group NV raised its position in MYR Group by 56.8% during the 4th quarter. KBC Group NV now owns 737 shares of the utilities provider's stock valued at $110,000 after purchasing an additional 267 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its position in 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 last quarter. Institutional investors own 88.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Robert W. Baird upped their price target on MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. The Goldman Sachs Group decreased their target price on MYR Group from $164.00 to $145.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. KeyCorp increased their target price on MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a research report on Friday, May 2nd. Finally, Stifel Nicolaus decreased their target price on MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $152.40.

MYR Group Stock Up 2.1%

Shares of MYR Group stock traded up $3.33 during midday trading on Tuesday, hitting $161.70. The company had a trading volume of 41,228 shares, compared to its average volume of 222,346. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. The stock has a market capitalization of $2.51 billion, a P/E ratio of 70.61 and a beta of 1.06. The company has a 50 day moving average of $134.52 and a 200 day moving average of $139.48. MYR Group Inc. has a 52-week low of $86.60 and a 52-week high of $168.88.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its earnings results on Wednesday, April 30th. The utilities provider reported $1.45 EPS for the quarter, beating the consensus estimate of $1.18 by $0.27. The business had revenue of $833.62 million for the quarter, compared to the consensus estimate of $788.98 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The company's revenue was up 2.2% compared to the same quarter last year. During the same period last year, the business posted $1.12 EPS. On average, equities analysts predict that MYR Group Inc. will post 1.16 earnings per share for the current fiscal year.

About MYR Group

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.