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

Maryland State Retirement & Pension System decreased its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG) by 13.3% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 4,706 shares of the utilities provider’s stock after selling 723 shares during the quarter. Maryland State Retirement & Pension System’s holdings in MYR Group were worth $532,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in MYRG. Wellington Management Group LLP acquired a new stake in shares of MYR Group during the fourth quarter worth about $60,217,000. T. Rowe Price Investment Management Inc. boosted its stake in shares of MYR Group by 42.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider’s stock worth $79,942,000 after buying an additional 159,302 shares during the period. Millennium Management LLC boosted its stake in shares of MYR Group by 38.4% during the fourth quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider’s stock worth $68,706,000 after buying an additional 128,159 shares during the period. Voya Investment Management LLC boosted its stake in shares of MYR Group by 185.0% during the fourth quarter. Voya Investment Management LLC now owns 165,447 shares of the utilities provider’s stock worth $24,614,000 after buying an additional 107,403 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of MYR Group by 12,329.7% during the first quarter. GAMMA Investing LLC now owns 68,985 shares of the utilities provider’s stock worth $7,802,000 after buying an additional 68,430 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Trading Down 2.7%

Shares of MYR Group stock opened at $181.54 on Friday. MYR Group, Inc. has a 12-month low of $86.60 and a 12-month high of $220.01. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.14. The stock has a market cap of $2.82 billion, a PE ratio of 37.90 and a beta of 1.17. The company has a 50-day moving average of $182.45 and a two-hundred day moving average of $149.91.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.14. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The company had revenue of $900.33 million during the quarter, compared to analysts’ expectations of $828.20 million. During the same period last year, the company posted ($0.91) earnings per share. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. On average, research analysts anticipate that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

MYRG has been the subject of several recent research reports. Stifel Nicolaus set a $210.00 target price on shares of MYR Group in a research note on Monday, August 4th. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 24th. Robert W. Baird increased their price target on shares of MYR Group from $159.00 to $170.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. KeyCorp increased their price target on shares of MYR Group from $205.00 to $211.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Finally, The Goldman Sachs Group increased their price target on shares of MYR Group from $168.00 to $205.00 and gave the stock a “neutral” rating in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $189.80.

MYR Group 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.