Arcadia Investment Management Corp MI Invests $47,000 in MYR Group Inc. (NASDAQ:MYRG)

Arcadia Investment Management Corp MI bought a new stake in shares of MYR Group Inc. (NASDAQ:MYRG) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 313 shares of the utilities provider’s stock, valued at approximately $47,000.

A number of other institutional investors have also recently added to or reduced their stakes in MYRG. Handelsbanken Fonder AB raised its position in MYR Group by 35.7% in the fourth quarter. Handelsbanken Fonder AB now owns 3,800 shares of the utilities provider’s stock valued at $565,000 after purchasing an additional 1,000 shares during the period. New York State Common Retirement Fund raised its holdings in shares of MYR Group by 25.6% during the 4th quarter. New York State Common Retirement Fund now owns 86,016 shares of the utilities provider’s stock valued at $12,797,000 after buying an additional 17,559 shares during the period. Peregrine Capital Management LLC lifted its position in MYR Group by 1.8% during the 4th quarter. Peregrine Capital Management LLC now owns 66,222 shares of the utilities provider’s stock worth $9,852,000 after acquiring an additional 1,175 shares in the last quarter. Truist Financial Corp boosted its holdings in MYR Group by 51.1% in the 4th quarter. Truist Financial Corp now owns 3,402 shares of the utilities provider’s stock worth $506,000 after acquiring an additional 1,150 shares during the period. Finally, Congress Asset Management Co. grew its position in MYR Group by 111.3% in the fourth quarter. Congress Asset Management Co. now owns 84,827 shares of the utilities provider’s stock valued at $12,620,000 after acquiring an additional 44,675 shares in the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on MYRG. StockNews.com raised shares of MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. The Goldman Sachs Group raised their target price on MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Robert W. Baird lifted their target price on MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, Stifel Nicolaus increased their price target on MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $157.00.

MYR Group Price Performance

NASDAQ MYRG opened at $120.54 on Friday. The company has a 50-day moving average price of $145.75 and a two-hundred day moving average price of $129.63. MYR Group Inc. has a 52 week low of $86.60 and a 52 week high of $181.02. The stock has a market cap of $1.94 billion, a price-to-earnings ratio of 52.64 and a beta of 0.94. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15.

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.