MYR Group Inc. (NASDAQ:MYRG) Shares Sold by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System lowered its stake in shares of MYR Group Inc. (NASDAQ:MYRG) by 1.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,073 shares of the utilities provider’s stock after selling 82 shares during the quarter. Maryland State Retirement & Pension System’s holdings in MYR Group were worth $878,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Daiwa Securities Group Inc. purchased a new stake in MYR Group during the 4th quarter worth about $29,000. GAMMA Investing LLC purchased a new stake in MYR Group during the fourth quarter worth approximately $62,000. Planned Solutions Inc. acquired a new position in MYR Group in the fourth quarter valued at approximately $130,000. Quantbot Technologies LP increased its stake in MYR Group by 446.3% in the third quarter. Quantbot Technologies LP now owns 1,475 shares of the utilities provider’s stock valued at $199,000 after purchasing an additional 1,205 shares during the last quarter. Finally, Assetmark Inc. raised its holdings in MYR Group by 15.2% during the third quarter. Assetmark Inc. now owns 1,689 shares of the utilities provider’s stock worth $228,000 after purchasing an additional 223 shares in the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MYRG. Robert W. Baird dropped their target price on shares of MYR Group from $185.00 to $180.00 and set an “outperform” rating on the stock in a research report on Thursday, May 2nd. Sidoti cut MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 target price on the stock. in a research report on Monday, February 26th. Finally, Stifel Nicolaus reduced their target price on MYR Group from $185.00 to $184.00 and set a “buy” rating for the company in a report on Tuesday, April 16th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, MYR Group has a consensus rating of “Moderate Buy” and an average price target of $173.25.

MYR Group Stock Up 0.6 %

MYRG opened at $156.65 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.40 and a quick ratio of 1.40. MYR Group Inc. has a 12 month low of $110.87 and a 12 month high of $181.02. The stock has a market capitalization of $2.63 billion, a P/E ratio of 30.36 and a beta of 1.10. The business has a 50 day simple moving average of $164.54 and a 200-day simple moving average of $147.24.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, May 1st. The utilities provider reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.10. MYR Group had a return on equity of 13.64% and a net margin of 2.38%. The company had revenue of $815.56 million during the quarter, compared to the consensus estimate of $854.13 million. During the same quarter last year, the company earned $1.38 earnings per share. MYR Group’s quarterly revenue was up .5% compared to the same quarter last year. On average, equities analysts anticipate that MYR Group Inc. will post 6.64 earnings per share for the current fiscal year.

About MYR Group

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.