Martingale Asset Management L P Trims Stock Position in MYR Group Inc. (NASDAQ:MYRG)

Martingale Asset Management L P lessened its holdings in shares of MYR Group Inc. (NASDAQ:MYRGGet Rating) by 35.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,816 shares of the utilities provider’s stock after selling 6,406 shares during the period. Martingale Asset Management L P owned approximately 0.07% of MYR Group worth $1,042,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in MYRG. Meeder Asset Management Inc. raised its holdings in shares of MYR Group by 15.8% during the first quarter. Meeder Asset Management Inc. now owns 2,022 shares of the utilities provider’s stock worth $190,000 after purchasing an additional 276 shares during the last quarter. GW Henssler & Associates Ltd. purchased a new position in shares of MYR Group during the second quarter worth $217,000. SG Americas Securities LLC purchased a new position in shares of MYR Group during the second quarter worth $218,000. Fifth Third Bancorp purchased a new position in MYR Group in the second quarter valued at $219,000. Finally, Mackenzie Financial Corp acquired a new position in shares of MYR Group in the second quarter worth about $220,000. Hedge funds and other institutional investors own 87.57% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MYRG. StockNews.com began coverage on shares of MYR Group in a research report on Wednesday, October 12th. They issued a “buy” rating for the company. KeyCorp upgraded shares of MYR Group from a “sector weight” rating to an “overweight” rating and set a $99.00 price objective for the company in a research report on Friday, October 28th. Robert W. Baird upgraded shares of MYR Group from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $92.00 to $95.00 in a research report on Friday, October 28th. Finally, Stifel Nicolaus upped their price objective on shares of MYR Group from $101.00 to $110.00 in a research report on Tuesday, August 2nd.

MYR Group Stock Up 1.7 %

MYRG stock opened at $97.14 on Monday. The stock has a market capitalization of $1.61 billion, a P/E ratio of 20.89 and a beta of 1.05. The firm has a 50-day simple moving average of $89.16 and a 200-day simple moving average of $89.94. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.16. MYR Group Inc. has a 52 week low of $74.77 and a 52 week high of $121.22.

MYR Group Profile

(Get Rating)

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, renewable power facilities, and limited gas construction services, as well as emergency restoration services in response to hurricane, ice, or other storm related damages.

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Institutional Ownership by Quarter for MYR Group (NASDAQ:MYRG)

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