State of New Jersey Common Pension Fund D Buys New Position in MYR Group, Inc. $MYRG

State of New Jersey Common Pension Fund D purchased a new position in shares of MYR Group, Inc. (NASDAQ:MYRG) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 11,622 shares of the utilities provider’s stock, valued at approximately $2,418,000.

Other large investors have also recently bought and sold shares of the company. MAI Capital Management increased its holdings in MYR Group by 44.8% during the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after buying an additional 56 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of MYR Group in the second quarter valued at approximately $34,000. Elevation Point Wealth Partners LLC bought a new position in shares of MYR Group during the second quarter worth approximately $34,000. Salomon & Ludwin LLC acquired a new stake in MYR Group during the 3rd quarter worth approximately $34,000. Finally, First Horizon Corp bought a new stake in MYR Group in the 3rd quarter valued at $47,000. 88.90% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MYRG. Zacks Research cut shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 30th. Clear Str raised shares of MYR Group to a “strong-buy” rating in a report on Monday, December 15th. The Goldman Sachs Group boosted their price target on MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a research note on Friday, November 14th. Stifel Nicolaus upped their price target on shares of MYR Group from $237.00 to $262.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Finally, Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $218.71.

MYR Group Stock Performance

MYRG stock opened at $281.01 on Friday. The firm has a market cap of $4.36 billion, a PE ratio of 45.40 and a beta of 1.17. The stock has a 50-day moving average price of $243.38 and a 200-day moving average price of $217.29. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.11. MYR Group, Inc. has a 1-year low of $97.72 and a 1-year high of $284.98.

MYR Group Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.