Integrated Quantitative Investments LLC Reduces Holdings in MYR Group, Inc. $MYRG

Integrated Quantitative Investments LLC cut its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG) by 25.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,667 shares of the utilities provider’s stock after selling 1,928 shares during the quarter. Integrated Quantitative Investments LLC’s holdings in MYR Group were worth $1,179,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. MAI Capital Management raised its position in shares of MYR Group by 44.8% in the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 56 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in MYR Group during the second quarter valued at $34,000. Elevation Point Wealth Partners LLC acquired a new stake in shares of MYR Group in the second quarter valued at about $34,000. Salomon & Ludwin LLC purchased a new position in MYR Group in the 3rd quarter valued at about $34,000. Finally, First Horizon Corp purchased a new stake in MYR Group during the 3rd quarter worth approximately $47,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Up 1.8%

MYR Group stock opened at $274.62 on Thursday. The company has a market capitalization of $4.27 billion, a P/E ratio of 36.47 and a beta of 1.15. MYR Group, Inc. has a fifty-two week low of $97.72 and a fifty-two week high of $290.87. The stock has a 50-day simple moving average of $251.73 and a 200-day simple moving average of $222.22. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.33 and a current ratio of 1.33.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.73 by $0.60. The firm had revenue of $973.54 million during the quarter, compared to analysts’ expectations of $897.73 million. MYR Group had a net margin of 3.24% and a return on equity of 19.66%. MYR Group’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.99 EPS. Equities research analysts expect that MYR Group, Inc. will post 1.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MYRG. Zacks Research lowered shares of MYR Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 30th. Clear Str raised shares of MYR Group to a “strong-buy” rating in a research note on Monday, December 15th. Cantor Fitzgerald lifted their price target on shares of MYR Group from $285.00 to $311.00 and gave the company an “overweight” rating in a research report on Monday. Stifel Nicolaus upped their target price on shares of MYR Group from $262.00 to $305.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Weiss Ratings raised shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $235.43.

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.