MYR Group Inc. (NASDAQ:MYRG) Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp trimmed its position in MYR Group Inc. (NASDAQ:MYRG) by 55.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,795 shares of the utilities provider’s stock after selling 2,268 shares during the period. Fifth Third Bancorp’s holdings in MYR Group were worth $260,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of MYRG. Citigroup Inc. lifted its position in shares of MYR Group by 1.7% during the 1st quarter. Citigroup Inc. now owns 24,928 shares of the utilities provider’s stock valued at $2,345,000 after acquiring an additional 420 shares during the last quarter. MetLife Investment Management LLC raised its stake in MYR Group by 60.4% during the 1st quarter. MetLife Investment Management LLC now owns 8,853 shares of the utilities provider’s stock valued at $833,000 after purchasing an additional 3,332 shares during the period. Rhumbline Advisers raised its stake in MYR Group by 2.3% during the 1st quarter. Rhumbline Advisers now owns 42,488 shares of the utilities provider’s stock valued at $3,996,000 after purchasing an additional 941 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in MYR Group by 14.1% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 14,544 shares of the utilities provider’s stock valued at $1,368,000 after purchasing an additional 1,794 shares during the period. Finally, BlackRock Inc. raised its stake in MYR Group by 2.7% during the 1st quarter. BlackRock Inc. now owns 2,922,873 shares of the utilities provider’s stock valued at $274,868,000 after purchasing an additional 77,662 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Trading Down 0.7 %

NASDAQ MYRG opened at $177.00 on Tuesday. MYR Group Inc. has a 1-year low of $110.87 and a 1-year high of $181.02. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $2.96 billion, a PE ratio of 32.66 and a beta of 1.08. The firm’s fifty day simple moving average is $161.57 and its 200-day simple moving average is $142.59.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, February 28th. The utilities provider reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.02. MYR Group had a net margin of 2.50% and a return on equity of 14.80%. The business had revenue of $1 billion for the quarter, compared to the consensus estimate of $904.76 million. During the same period in the prior year, the business posted $1.46 earnings per share. MYR Group’s revenue for the quarter was up 16.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that MYR Group Inc. will post 6.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

MYRG has been the topic of several recent analyst reports. Stifel Nicolaus boosted their target price on shares of MYR Group from $168.00 to $185.00 and gave the company a “buy” rating in a research note on Friday, March 1st. 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. Sidoti downgraded shares of MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 target price on the stock. in a research note on Monday, February 26th. Finally, The Goldman Sachs Group assumed coverage on shares of MYR Group in a research note on Friday, December 15th. They set a “buy” rating and a $164.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, MYR Group presently has an average rating of “Hold” and an average price target of $171.00.

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.