Nisa Investment Advisors LLC Trims Stake in MYR Group Inc. (NASDAQ:MYRG)

Nisa Investment Advisors LLC cut its position in shares of MYR Group Inc. (NASDAQ:MYRG) by 3.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,112 shares of the utilities provider’s stock after selling 230 shares during the period. Nisa Investment Advisors LLC’s holdings in MYR Group were worth $1,029,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. Advisory Services Network LLC lifted its stake in MYR Group by 585.0% in the first quarter. Advisory Services Network LLC now owns 274 shares of the utilities provider’s stock worth $35,000 after acquiring an additional 234 shares during the period. Point72 Middle East FZE purchased a new stake in shares of MYR Group in the 4th quarter worth approximately $27,000. Tower Research Capital LLC TRC boosted its stake in shares of MYR Group by 24.0% during 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 in the last quarter. IFP Advisors Inc purchased a new position in MYR Group during the third quarter valued at approximately $54,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in 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 in the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MYRG. Sidoti downgraded MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price target on the stock. in a report on Monday, February 26th. Stifel Nicolaus boosted their target price on shares of MYR Group from $168.00 to $185.00 and gave the stock a “buy” rating in a report on Friday, March 1st. Finally, KeyCorp started coverage on shares of MYR Group in a report on Wednesday, January 10th. They issued a “sector weight” rating on the stock. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, MYR Group currently has an average rating of “Hold” and a consensus price target of $171.00.

MYR Group Stock Down 1.6 %

Shares of MYRG stock opened at $166.71 on Tuesday. The stock’s fifty day moving average price is $163.75 and its 200 day moving average price is $143.75. MYR Group Inc. has a 1-year low of $110.87 and a 1-year high of $181.02. The company has a market cap of $2.79 billion, a price-to-earnings ratio of 30.76 and a beta of 1.08. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.37 and a quick ratio of 1.37.

MYR Group (NASDAQ:MYRG) last issued 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 return on equity of 14.80% and a net margin of 2.50%. The business had revenue of $1 billion for the quarter, compared to analyst estimates of $904.76 million. During the same quarter in the previous year, the firm earned $1.46 earnings per share. The company’s revenue was up 16.2% on a year-over-year basis. On average, research analysts expect that MYR Group Inc. will post 6.65 earnings per share for the current fiscal year.

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.