JPMorgan Chase & Co. lowered its position in MYR Group Inc (NASDAQ:MYRG) by 5.8% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 491,088 shares of the utilities provider’s stock after selling 30,161 shares during the quarter. JPMorgan Chase & Co. owned about 2.96% of MYR Group worth $16,029,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Principal Financial Group Inc. increased its position in shares of MYR Group by 2.4% in the 1st quarter. Principal Financial Group Inc. now owns 126,178 shares of the utilities provider’s stock worth $3,889,000 after purchasing an additional 2,990 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of MYR Group in the 2nd quarter worth about $410,000. Piedmont Investment Advisors LLC bought a new stake in shares of MYR Group in the 2nd quarter worth about $136,000. Victory Capital Management Inc. increased its position in shares of MYR Group by 7.6% in the 2nd quarter. Victory Capital Management Inc. now owns 1,288,018 shares of the utilities provider’s stock worth $45,673,000 after purchasing an additional 91,219 shares during the last quarter. Finally, Engineers Gate Manager LP bought a new stake in shares of MYR Group in the 2nd quarter worth about $259,000. 89.60% of the stock is owned by institutional investors.
Shares of NASDAQ:MYRG opened at $29.23 on Friday. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.28. MYR Group Inc has a fifty-two week low of $28.28 and a fifty-two week high of $40.81. The stock has a market cap of $481.70 million, a P/E ratio of 36.09 and a beta of 0.36.
Several equities research analysts have recently weighed in on MYRG shares. BidaskClub downgraded shares of MYR Group from a “hold” rating to a “sell” rating in a research report on Tuesday, September 11th. Zacks Investment Research downgraded shares of MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, October 10th. Robert W. Baird set a $36.00 target price on shares of MYR Group and gave the stock a “hold” rating in a research report on Thursday, November 1st. Citigroup downgraded shares of MYR Group to a “sell” rating in a research report on Monday, November 5th. Finally, Macquarie raised shares of MYR Group to a “buy” rating in a research report on Thursday. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. MYR Group currently has an average rating of “Hold” and an average price target of $40.00.
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 and the renewable energy industries.
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