Forge First Asset Management Inc. Sells 8,985 Shares of MYR Group Inc. (NASDAQ:MYRG)

Forge First Asset Management Inc. reduced its position in shares of MYR Group Inc. (NASDAQ:MYRG) by 19.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 37,994 shares of the utilities provider’s stock after selling 8,985 shares during the period. MYR Group makes up about 2.0% of Forge First Asset Management Inc.’s portfolio, making the stock its 16th biggest holding. Forge First Asset Management Inc. owned approximately 0.24% of MYR Group worth $5,652,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. MCF Advisors LLC lifted its position in shares of MYR Group by 470.0% during the fourth quarter. MCF Advisors LLC now owns 171 shares of the utilities provider’s stock worth $25,000 after acquiring an additional 141 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new position in shares of MYR Group during the fourth quarter valued at approximately $47,000. Smartleaf Asset Management LLC lifted its position in MYR Group by 697.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider’s stock valued at $49,000 after acquiring an additional 286 shares in the last quarter. GAMMA Investing LLC raised its stake in MYR Group by 27.0% during the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock valued at $83,000 after buying an additional 118 shares during the last quarter. Finally, KBC Group NV increased its stake in shares of MYR Group by 56.8% in the 4th quarter. KBC Group NV now owns 737 shares of the utilities provider’s stock worth $110,000 after purchasing an additional 267 shares in the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Stock Performance

NASDAQ:MYRG opened at $113.86 on Wednesday. The company has a 50-day moving average of $137.33 and a 200-day moving average of $131.47. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The firm has a market cap of $1.84 billion, a price-to-earnings ratio of 49.72 and a beta of 0.93. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $181.02.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Robert W. Baird reduced their price objective on shares of MYR Group from $201.00 to $159.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. Stifel Nicolaus upped their target price on shares of MYR Group from $153.00 to $172.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th.

MYR Group Company Profile

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, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.