Penserra Capital Management LLC Invests $425,000 in MYR Group, Inc. $MYRG

Penserra Capital Management LLC purchased a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 2,046 shares of the utilities provider’s stock, valued at approximately $425,000.

Other institutional investors have also recently bought and sold shares of the company. CWA Asset Management Group LLC bought a new position in MYR Group in the third quarter valued at about $1,506,000. Russell Investments Group Ltd. lifted its position in MYR Group by 22.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 75,878 shares of the utilities provider’s stock valued at $13,768,000 after purchasing an additional 13,889 shares during the period. Vanguard Personalized Indexing Management LLC bought a new position in shares of MYR Group in the 2nd quarter valued at about $211,000. Allspring Global Investments Holdings LLC grew its position in shares of MYR Group by 29.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 48,685 shares of the utilities provider’s stock worth $8,797,000 after buying an additional 11,107 shares during the period. Finally, Prudential Financial Inc. raised its stake in shares of MYR Group by 62.7% during the second quarter. Prudential Financial Inc. now owns 26,975 shares of the utilities provider’s stock worth $4,895,000 after buying an additional 10,391 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Cantor Fitzgerald assumed coverage on shares of MYR Group in a research note on Friday, January 23rd. They issued an “overweight” rating and a $285.00 price objective on the stock. Zacks Research downgraded MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 30th. Stifel Nicolaus lifted their price objective on MYR Group from $237.00 to $262.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. The Goldman Sachs Group upped their price objective on MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a report on Friday, November 14th. Finally, Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 21st. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $218.71.

MYR Group Stock Performance

Shares of MYR Group stock opened at $268.76 on Monday. MYR Group, Inc. has a 12 month low of $97.72 and a 12 month high of $270.88. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $4.17 billion, a PE ratio of 43.42 and a beta of 1.17. The stock’s fifty day simple moving average is $234.06 and its 200 day simple moving average is $212.05.

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.