Illinois Municipal Retirement Fund Decreases Stock Position in MYR Group Inc. (NASDAQ:MYRG)

Illinois Municipal Retirement Fund lessened its stake in MYR Group Inc. (NASDAQ:MYRG) by 3.8% in the fourth quarter, Holdings Channel reports. The fund owned 9,542 shares of the utilities provider’s stock after selling 378 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in MYR Group were worth $1,380,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Mackenzie Financial Corp boosted its holdings in MYR Group by 3.4% in the 4th quarter. Mackenzie Financial Corp now owns 2,985 shares of the utilities provider’s stock worth $432,000 after acquiring an additional 97 shares during the period. Mitchell Capital Management Co. boosted its holdings in MYR Group by 0.6% in the 3rd quarter. Mitchell Capital Management Co. now owns 33,627 shares of the utilities provider’s stock worth $4,532,000 after acquiring an additional 199 shares during the period. Daiwa Securities Group Inc. purchased a new position in MYR Group in the 4th quarter worth approximately $29,000. Assetmark Inc. boosted its stake in shares of MYR Group by 15.2% during the 3rd quarter. Assetmark Inc. now owns 1,689 shares of the utilities provider’s stock valued at $228,000 after buying an additional 223 shares during the last quarter. Finally, Los Angeles Capital Management LLC boosted its stake in shares of MYR Group by 2.1% during the 3rd quarter. Los Angeles Capital Management LLC now owns 10,976 shares of the utilities provider’s stock valued at $1,479,000 after buying an additional 224 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Performance

MYRG stock opened at $168.16 on Friday. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.05. The firm has a market cap of $2.81 billion, a P/E ratio of 31.03 and a beta of 1.08. MYR Group Inc. has a 12-month low of $110.87 and a 12-month high of $181.02. The stock’s 50 day simple moving average is $165.32 and its 200 day simple moving average is $145.66.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, February 28th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.02. The business had revenue of $1 billion for the quarter, compared to analyst estimates of $904.76 million. MYR Group had a return on equity of 14.80% and a net margin of 2.50%. The business’s revenue was up 16.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.46 EPS. As a group, equities research analysts predict that MYR Group Inc. will post 6.64 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on MYRG shares. Sidoti cut MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 target price for the company. in a research note on Monday, February 26th. 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 research note on Tuesday, April 16th. Finally, KeyCorp started coverage on MYR Group in a research note on Wednesday, January 10th. They set a “sector weight” rating for the company. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $170.75.

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.