Russell Investments Group Ltd. Sells 26,484 Shares of MYR Group Inc. (NASDAQ:MYRG)

Russell Investments Group Ltd. lessened its stake in MYR Group Inc. (NASDAQ:MYRG) by 37.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 43,483 shares of the utilities provider’s stock after selling 26,484 shares during the period. Russell Investments Group Ltd. owned about 0.26% of MYR Group worth $6,289,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in MYRG. Mackenzie Financial Corp boosted its holdings in MYR Group by 3.4% in the fourth quarter. Mackenzie Financial Corp now owns 2,985 shares of the utilities provider’s stock valued at $432,000 after acquiring an additional 97 shares during the last quarter. Mitchell Capital Management Co. grew its stake in MYR Group by 0.6% during the third quarter. Mitchell Capital Management Co. now owns 33,627 shares of the utilities provider’s stock worth $4,532,000 after purchasing an additional 199 shares during the period. Daiwa Securities Group Inc. bought a new stake in MYR Group in the fourth quarter worth approximately $29,000. Assetmark Inc. lifted its stake in MYR Group by 15.2% in the third 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 period. Finally, Los Angeles Capital Management LLC boosted its holdings 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 worth $1,479,000 after buying an additional 224 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Robert W. Baird dropped their price objective on shares of MYR Group from $185.00 to $180.00 and set an “outperform” rating on the stock in a report on Thursday, May 2nd. Stifel Nicolaus decreased their price target on shares of MYR Group from $185.00 to $184.00 and set a “buy” rating for the company in a research note on Tuesday, April 16th. Sidoti lowered shares of MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price objective on the stock. in a research note on Monday, February 26th. Finally, KeyCorp began coverage on shares of MYR Group in a research report on Wednesday, January 10th. They set a “sector weight” rating for the company. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $173.25.

MYR Group Stock Up 1.3 %

MYRG opened at $155.65 on Thursday. MYR Group Inc. has a fifty-two week low of $110.87 and a fifty-two week high of $181.02. The firm has a market capitalization of $2.61 billion, a P/E ratio of 30.16 and a beta of 1.10. The company’s 50-day moving average is $164.65 and its 200 day moving average is $147.17. 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 (NASDAQ:MYRG) last issued its quarterly 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 period last year, the business posted $1.38 earnings per share. MYR Group’s revenue was up .5% on a year-over-year basis. Research analysts expect that MYR Group Inc. will post 6.64 earnings per share for the current fiscal year.

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.