Marshall Wace LLP Reduces Holdings in MYR Group Inc. (NASDAQ:MYRG)

Marshall Wace LLP lowered its stake in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 57.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,229 shares of the utilities provider's stock after selling 9,590 shares during the quarter. Marshall Wace LLP's holdings in MYR Group were worth $1,075,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the stock. Wellington Management Group LLP purchased a new position in shares of MYR Group during the 4th quarter worth approximately $60,217,000. ACK Asset Management LLC purchased a new position in shares of MYR Group during the 4th quarter worth approximately $29,754,000. Next Century Growth Investors LLC grew its holdings in shares of MYR Group by 513.8% during the 4th quarter. Next Century Growth Investors LLC now owns 151,610 shares of the utilities provider's stock worth $22,555,000 after acquiring an additional 126,910 shares during the period. Boston Partners purchased a new position in shares of MYR Group during the 4th quarter worth approximately $14,811,000. Finally, American Century Companies Inc. grew its holdings in shares of MYR Group by 38.2% during the 4th quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider's stock worth $49,368,000 after acquiring an additional 91,644 shares during the period. 88.90% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on MYRG shares. The Goldman Sachs Group reduced their target price on MYR Group from $164.00 to $145.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Stifel Nicolaus cut their price target on MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a research note on Wednesday, April 9th. Piper Sandler initiated coverage on MYR Group in a research note on Tuesday, April 8th. They issued a "neutral" rating and a $124.00 price target on the stock. Robert W. Baird cut their price target on MYR Group from $201.00 to $159.00 and set an "outperform" rating on the stock in a research note on Thursday, February 27th. Finally, KeyCorp upgraded MYR Group from a "sector weight" rating to an "overweight" rating and set a $136.00 price target on the stock in a research note on Friday, March 14th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $139.00.

MYR Group Price Performance

NASDAQ MYRG opened at $125.63 on Wednesday. The company has a market capitalization of $2.03 billion, a PE ratio of 54.86 and a beta of 1.07. 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 business's fifty day moving average is $117.02 and its 200 day moving average is $135.06. MYR Group Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $171.10.

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.

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