MYR Group, Inc. $MYRG Shares Sold by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG) by 1.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 179,485 shares of the utilities provider’s stock after selling 2,580 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 1.15% of MYR Group worth $89,814,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Royal Bank of Canada grew its holdings in shares of MYR Group by 20.8% in the first quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock valued at $1,447,000 after purchasing an additional 2,205 shares in the last quarter. AQR Capital Management LLC increased its stake in MYR Group by 124.5% during the 1st quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider’s stock worth $1,232,000 after buying an additional 6,044 shares during the period. Goldman Sachs Group Inc. increased its stake in MYR Group by 0.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock worth $22,998,000 after buying an additional 1,437 shares during the period. Cetera Investment Advisers acquired a new stake in MYR Group during the 2nd quarter worth approximately $221,000. Finally, Invesco Ltd. boosted its position in MYR Group by 26.9% in the 2nd quarter. Invesco Ltd. now owns 153,512 shares of the utilities provider’s stock valued at $27,855,000 after buying an additional 32,544 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on MYRG. The Goldman Sachs Group dropped their price target on shares of MYR Group from $469.00 to $422.00 and set a “neutral” rating for the company in a research note on Thursday, August 13th. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. Jefferies Financial Group set a $392.00 target price on MYR Group in a research note on Friday, July 10th. Wall Street Zen downgraded MYR Group from a “strong-buy” rating to a “buy” rating in a report on Saturday. Finally, Robert W. Baird set a $375.00 price target on MYR Group in a research report on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $451.20.

MYR Group Trading Down 1.7%

Shares of NASDAQ:MYRG opened at $286.46 on Wednesday. MYR Group, Inc. has a 52 week low of $171.51 and a 52 week high of $503.57. The company’s 50 day moving average is $373.34 and its two-hundred day moving average is $360.57. The company has a market cap of $4.46 billion, a PE ratio of 27.18 and a beta of 1.31. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.55. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $995.74 million. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The company’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.70 EPS. Equities analysts predict that MYR Group, Inc. will post 12.43 earnings per share for the current fiscal year.

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.