New York State Common Retirement Fund Increases Position in MYR Group Inc. (NASDAQ:MYRG)

New York State Common Retirement Fund grew its holdings in MYR Group Inc. (NASDAQ:MYRG) by 25.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 86,016 shares of the utilities provider’s stock after purchasing an additional 17,559 shares during the quarter. New York State Common Retirement Fund owned about 0.53% of MYR Group worth $12,797,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in MYRG. Principal Financial Group Inc. increased its holdings in shares of MYR Group by 3.7% in the third quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock valued at $44,113,000 after purchasing an additional 15,361 shares during the last quarter. Swedbank AB grew its holdings in MYR Group by 6.0% in the 3rd quarter. Swedbank AB now owns 267,000 shares of the utilities provider’s stock valued at $27,295,000 after buying an additional 15,000 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of MYR Group in the 3rd quarter worth $24,145,000. Charles Schwab Investment Management Inc. raised its holdings in shares of MYR Group by 8.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 233,055 shares of the utilities provider’s stock worth $23,825,000 after acquiring an additional 17,580 shares during the period. Finally, TimesSquare Capital Management LLC boosted its position in shares of MYR Group by 178.5% during the 3rd quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider’s stock valued at $21,794,000 after acquiring an additional 136,643 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

MYR Group Stock Performance

Shares of MYRG stock opened at $118.55 on Tuesday. MYR Group Inc. has a one year low of $86.60 and a one year high of $181.02. 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 firm’s 50 day moving average price is $144.78 and its 200-day moving average price is $130.17. The firm has a market cap of $1.91 billion, a P/E ratio of 51.77 and a beta of 0.94.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on MYRG shares. StockNews.com upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. The Goldman Sachs Group raised their price target on shares of MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Robert W. Baird upped their price objective on MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Finally, Stifel Nicolaus raised their target price on MYR Group from $153.00 to $172.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $157.00.

MYR Group 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.