MYR Group, Inc. $MYRG Stock Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue reduced its stake in MYR Group, Inc. (NASDAQ:MYRG) by 42.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,456 shares of the utilities provider’s stock after selling 2,512 shares during the period. State of Alaska Department of Revenue’s holdings in MYR Group were worth $1,010,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Kilter Group LLC acquired a new stake in shares of MYR Group during the 2nd quarter worth about $25,000. Carolina Wealth Advisors LLC bought a new stake in shares of MYR Group during the 2nd quarter worth about $30,000. Global Retirement Partners LLC acquired a new position in MYR Group in the 2nd quarter valued at about $30,000. Parallel Advisors LLC grew its stake in MYR Group by 207.9% in the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock valued at $33,000 after buying an additional 79 shares during the last quarter. Finally, Allworth Financial LP acquired a new position in MYR Group in the 2nd quarter valued at about $40,000. 88.90% of the stock is owned by institutional investors.

MYR Group Stock Up 0.1%

MYRG opened at $275.21 on Thursday. MYR Group, Inc. has a fifty-two week low of $190.13 and a fifty-two week high of $503.57. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.40 and a current ratio of 1.40. The company has a market capitalization of $4.28 billion, a P/E ratio of 26.11 and a beta of 1.32. The stock has a fifty day moving average of $296.99 and a 200-day moving average of $365.43.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.62 by $0.55. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $995.74 million. During the same quarter in the previous year, the business posted $1.70 earnings per share. MYR Group’s quarterly revenue was up 20.1% on a year-over-year basis. On average, equities analysts expect that MYR Group, Inc. will post 12.43 EPS for the current year.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Weiss Ratings cut shares of MYR Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, September 2nd. Robert W. Baird set a $375.00 price objective on shares of MYR Group in a research report on Thursday, July 30th. Stifel Nicolaus reduced their price objective on MYR Group from $445.00 to $393.00 and set a “buy” rating for the company in a report on Thursday, October 8th. The Goldman Sachs Group decreased their target price on MYR Group from $469.00 to $422.00 and set a “neutral” rating on the stock in a research report on Thursday, August 13th. Finally, Zacks Research downgraded MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 2nd. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $424.80.

MYR Group Company Profile

MYR Group Inc is a holding company that operates specialty electrical infrastructure contracting businesses in the United States and Canada. Its companies provide construction, maintenance, repair and emergency restoration services for electric power infrastructure and other complex electrical systems.

MYR Group operates through two primary segments: Transmission and Distribution and Commercial and Industrial. Its transmission and distribution work includes overhead and underground power lines, substations and related utility infrastructure.