Wellington Management Group LLP Acquires Shares of 404,768 MYR Group Inc. (NASDAQ:MYRG)

Wellington Management Group LLP bought a new stake in MYR Group Inc. (NASDAQ:MYRG) during the fourth quarter, according to its most recent disclosure 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 approximately 2.51% of MYR Group as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. MCF Advisors LLC raised its stake in 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 buying an additional 141 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new stake in shares of MYR Group during the 4th quarter valued at approximately $47,000. Smartleaf Asset Management LLC lifted its stake in MYR Group by 697.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider’s stock worth $49,000 after purchasing an additional 286 shares during the last quarter. GAMMA Investing LLC boosted its holdings in MYR Group by 27.0% in the fourth quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock worth $83,000 after purchasing an additional 118 shares during the period. Finally, ANTIPODES PARTNERS Ltd increased its stake in MYR Group by 13.2% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider’s stock valued at $92,000 after purchasing an additional 72 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Price Performance

NASDAQ MYRG opened at $105.29 on Friday. The company has a 50-day moving average price of $126.67 and a two-hundred day moving average price of $134.08. 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 $1.70 billion, a price-to-earnings ratio of 45.98 and a beta of 0.93. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15.

Analyst Upgrades and Downgrades

MYRG has been the topic of a number of recent research reports. KeyCorp upgraded shares of MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 price target on the stock in a research report on Friday, March 14th. Robert W. Baird lowered their target price on 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 raised their price target on MYR Group from $153.00 to $172.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, MYR Group currently has a consensus rating of “Moderate Buy” and an average target price of $155.00.

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.