MYR Group, Inc. $MYRG Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC cut its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG) by 14.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,962 shares of the utilities provider’s stock after selling 2,247 shares during the period. Intech Investment Management LLC owned approximately 0.08% of MYR Group worth $2,832,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Farther Finance Advisors LLC lifted its stake in MYR Group by 212.2% during the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 104 shares during the last quarter. Signaturefd LLC lifted its stake in MYR Group by 65.7% during the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 65 shares during the last quarter. Hantz Financial Services Inc. lifted its stake in MYR Group by 271.2% during the fourth quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock valued at $48,000 after purchasing an additional 160 shares during the last quarter. Johnson Financial Group Inc. acquired a new stake in MYR Group during the third quarter valued at approximately $74,000. Finally, USA Financial Formulas acquired a new stake in MYR Group during the fourth quarter valued at approximately $76,000. 88.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on MYRG. Stifel Nicolaus set a $503.00 target price on MYR Group in a report on Monday, May 4th. Robert W. Baird set a $373.00 price objective on shares of MYR Group in a research note on Thursday, April 30th. Cantor Fitzgerald upped their price objective on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Finally, The Goldman Sachs Group lifted their price target on MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $358.17.

MYR Group Stock Up 0.1%

MYR Group stock opened at $450.31 on Wednesday. The company has a market capitalization of $7.01 billion, a P/E ratio of 49.65 and a beta of 1.32. The firm’s fifty day simple moving average is $367.60 and its 200-day simple moving average is $287.04. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. MYR Group, Inc. has a 1-year low of $157.07 and a 1-year high of $484.71.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, beating analysts’ consensus estimates of $2.09 by $0.90. The business had revenue of $1 billion for the quarter, compared to the consensus estimate of $932.45 million. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. MYR Group’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.45 EPS. Sell-side analysts forecast that MYR Group, Inc. will post 10.59 earnings per share for the current fiscal year.

MYR Group Company Profile

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.