DRW Securities LLC Makes New $1.51 Million Investment in MYR Group Inc. (NASDAQ:MYRG)

DRW Securities LLC acquired a new position in shares of MYR Group Inc. (NASDAQ:MYRG) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 10,180 shares of the utilities provider’s stock, valued at approximately $1,514,000. DRW Securities LLC owned approximately 0.06% of MYR Group at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. ACK Asset Management LLC bought a new stake in MYR Group in the 4th quarter valued at about $29,754,000. Bank of Montreal Can lifted its position in MYR Group by 6.3% in the 4th quarter. Bank of Montreal Can now owns 3,356 shares of the utilities provider’s stock valued at $499,000 after purchasing an additional 199 shares during the last quarter. Quadrant Capital Group LLC lifted its position in MYR Group by 52.4% in the 4th quarter. Quadrant Capital Group LLC now owns 666 shares of the utilities provider’s stock valued at $99,000 after purchasing an additional 229 shares during the last quarter. Russell Investments Group Ltd. lifted its position in MYR Group by 73.5% in the 4th quarter. Russell Investments Group Ltd. now owns 73,683 shares of the utilities provider’s stock valued at $10,962,000 after purchasing an additional 31,209 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in MYR Group by 33.5% in the 4th quarter. Envestnet Asset Management Inc. now owns 19,159 shares of the utilities provider’s stock valued at $2,850,000 after purchasing an additional 4,805 shares during the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on MYRG. Piper Sandler began coverage on shares of MYR Group in a research note on Tuesday. They set a “neutral” rating and a $124.00 target price on the stock. Robert W. Baird lowered their target price on shares of MYR Group from $201.00 to $159.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Stifel Nicolaus lowered their target price on shares of MYR Group from $157.00 to $131.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, KeyCorp raised shares of MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 target price on the stock in a research note on Friday, March 14th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $140.60.

MYR Group Stock Performance

Shares of MYRG opened at $115.11 on Thursday. The firm’s 50 day moving average is $123.38 and its 200-day moving average is $134.10. The stock has a market capitalization of $1.86 billion, a P/E ratio of 50.27 and a beta of 1.07. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. MYR Group Inc. has a 12-month low of $86.60 and a 12-month high of $172.73.

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.