Hillsdale Investment Management Inc. Has $7.62 Million Position in MYR Group, Inc. $MYRG

Hillsdale Investment Management Inc. grew its stake in MYR Group, Inc. (NASDAQ:MYRG) by 7.6% in the third quarter, HoldingsChannel.com reports. The fund owned 36,640 shares of the utilities provider’s stock after acquiring an additional 2,600 shares during the period. Hillsdale Investment Management Inc.’s holdings in MYR Group were worth $7,622,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew its holdings in MYR Group by 14.7% during the third quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock valued at $254,897,000 after purchasing an additional 157,157 shares during the period. State of New Jersey Common Pension Fund D acquired a new position in shares of MYR Group in the 3rd quarter valued at $2,418,000. TimesSquare Capital Management LLC grew its holdings in shares of MYR Group by 1.4% in the 3rd quarter. TimesSquare Capital Management LLC now owns 156,456 shares of the utilities provider’s stock valued at $32,548,000 after buying an additional 2,156 shares during the period. Public Sector Pension Investment Board increased its position in shares of MYR Group by 14.5% in the 3rd quarter. Public Sector Pension Investment Board now owns 60,571 shares of the utilities provider’s stock valued at $12,601,000 after buying an additional 7,652 shares in the last quarter. Finally, Illinois Municipal Retirement Fund raised its stake in MYR Group by 2.9% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 8,495 shares of the utilities provider’s stock worth $1,767,000 after buying an additional 242 shares during the period. Institutional investors own 88.90% of the company’s stock.

MYR Group Price Performance

Shares of MYRG opened at $281.01 on Friday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.11. MYR Group, Inc. has a twelve month low of $97.72 and a twelve month high of $284.98. The stock has a market capitalization of $4.36 billion, a P/E ratio of 45.40 and a beta of 1.17. The company has a 50 day moving average of $243.38 and a 200-day moving average of $217.08.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Weiss Ratings raised MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 22nd. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. The Goldman Sachs Group increased their target price on MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a research note on Friday, November 14th. Stifel Nicolaus lifted their price target on shares of MYR Group from $237.00 to $262.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Finally, Cantor Fitzgerald started coverage on shares of MYR Group in a research report on Friday, January 23rd. They set an “overweight” rating and a $285.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $218.71.

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.