GSA Capital Partners LLP Sells 6,016 Shares of MYR Group, Inc. $MYRG

GSA Capital Partners LLP cut its position in MYR Group, Inc. (NASDAQ:MYRG) by 46.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,865 shares of the utilities provider’s stock after selling 6,016 shares during the quarter. GSA Capital Partners LLP’s holdings in MYR Group were worth $1,428,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in MYRG. MAI Capital Management lifted its holdings in shares of MYR Group by 44.8% during the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 56 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of MYR Group in the second quarter worth approximately $34,000. Elevation Point Wealth Partners LLC acquired a new stake in shares of MYR Group during the second quarter worth $34,000. Salomon & Ludwin LLC bought a new position in shares of MYR Group in the 3rd quarter worth about $34,000. Finally, First Horizon Corp acquired a new position in MYR Group in the third quarter valued at approximately $47,000. Institutional investors own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. The Goldman Sachs Group boosted their target price on MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a research report on Friday, November 14th. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. Weiss Ratings upgraded shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 22nd. Zacks Research lowered MYR Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 30th. Finally, Cantor Fitzgerald initiated coverage on shares of MYR Group in a report on Friday, January 23rd. They issued an “overweight” rating and a $285.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, MYR Group has a consensus rating of “Moderate Buy” and an average target price of $218.71.

MYR Group Price Performance

MYRG opened at $270.32 on Wednesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.33 and a current ratio of 1.33. The stock has a market capitalization of $4.20 billion, a PE ratio of 43.67 and a beta of 1.17. The stock’s 50 day moving average price is $240.54 and its 200-day moving average price is $215.74. MYR Group, Inc. has a 52-week low of $97.72 and a 52-week high of $283.69.

About MYR Group

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.