MYR Group Inc. (NASDAQ:MYRG) Shares Sold by Arizona State Retirement System

Arizona State Retirement System reduced its position in MYR Group Inc. (NASDAQ:MYRG) by 1.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,672 shares of the utilities provider’s stock after selling 85 shares during the period. Arizona State Retirement System’s holdings in MYR Group were worth $676,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Advisory Services Network LLC grew its stake in MYR Group by 585.0% during the first quarter. Advisory Services Network LLC now owns 274 shares of the utilities provider’s stock worth $35,000 after buying an additional 234 shares during the period. Point72 Middle East FZE acquired a new stake in MYR Group in the 4th quarter valued at $27,000. Tower Research Capital LLC TRC raised its position in MYR Group by 24.0% in the second quarter. Tower Research Capital LLC TRC now owns 382 shares of the utilities provider’s stock valued at $53,000 after purchasing an additional 74 shares during the period. IFP Advisors Inc acquired a new position in shares of MYR Group during the third quarter worth about $54,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its position in shares of MYR Group by 29.6% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 605 shares of the utilities provider’s stock worth $56,000 after buying an additional 138 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Performance

Shares of MYRG opened at $158.83 on Friday. MYR Group Inc. has a 52-week low of $110.87 and a 52-week high of $181.02. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.05. The firm has a market cap of $2.66 billion, a price-to-earnings ratio of 29.30 and a beta of 1.08. The business’s 50 day moving average is $164.35 and its two-hundred day moving average is $144.18.

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

Analysts Set New Price Targets

Several equities analysts recently commented on MYRG shares. Sidoti lowered MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price target on the stock. in a research report on Monday, February 26th. Stifel Nicolaus decreased their target price 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. Finally, KeyCorp initiated coverage on shares of MYR Group in a research note on Wednesday, January 10th. They set a “sector weight” rating on the stock. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, MYR Group presently 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.