Cibc World Markets Corp Purchases Shares of 1,497 MYR Group Inc. (NASDAQ:MYRG)

Cibc World Markets Corp acquired a new stake in MYR Group Inc. (NASDAQ:MYRG) during the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 1,497 shares of the utilities provider’s stock, valued at approximately $223,000.

Other large investors also recently modified their holdings of the company. Principal Financial Group Inc. grew its stake in 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 buying an additional 15,361 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of MYR Group by 3.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 242,201 shares of the utilities provider’s stock worth $36,032,000 after acquiring an additional 9,146 shares during the period. Bank of New York Mellon Corp grew its position in shares of MYR Group by 12.3% in the fourth 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. Jacobs Levy Equity Management Inc. acquired a new stake in MYR Group during the 3rd quarter worth approximately $24,145,000. Finally, Townsend & Associates Inc boosted its stake in MYR Group by 2.1% in the 4th quarter. Townsend & Associates Inc now owns 106,193 shares of the utilities provider’s stock valued at $16,404,000 after purchasing an additional 2,217 shares during the period. 88.90% of the stock is owned by institutional investors.

MYR Group Stock Down 6.2 %

Shares of NASDAQ MYRG opened at $120.97 on Thursday. MYR Group Inc. has a 52 week low of $86.60 and a 52 week high of $181.02. The stock’s fifty day moving average is $132.12 and its 200 day moving average is $133.18. 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 $1.95 billion, a P/E ratio of 52.83 and a beta of 0.93.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Robert W. Baird lowered their price objective on MYR Group from $201.00 to $159.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. KeyCorp raised 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. Finally, Stifel Nicolaus boosted their price objective on shares of MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, MYR Group has a consensus rating of “Moderate Buy” and a consensus target price of $155.00.

MYR Group Company 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.