State of Alaska Department of Revenue Cuts Stock Position in MYR Group Inc. (NASDAQ:MYRG)

State of Alaska Department of Revenue lowered its stake in MYR Group Inc. (NASDAQ:MYRG) by 4.3% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 9,421 shares of the utilities provider’s stock after selling 423 shares during the period. State of Alaska Department of Revenue owned 0.06% of MYR Group worth $963,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Capital World Investors grew its stake in shares of MYR Group by 578.4% in the 1st quarter. Capital World Investors now owns 974,748 shares of the utilities provider’s stock worth $172,287,000 after buying an additional 831,066 shares during the last quarter. Swedbank AB bought a new position in MYR Group in the 1st quarter valued at approximately $51,452,000. Assenagon Asset Management S.A. lifted its position in MYR Group by 387.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider’s stock valued at $18,978,000 after acquiring an additional 147,598 shares in the last quarter. Millennium Management LLC lifted its position in MYR Group by 68.9% in the 2nd quarter. Millennium Management LLC now owns 171,329 shares of the utilities provider’s stock valued at $23,251,000 after acquiring an additional 69,886 shares in the last quarter. Finally, Driehaus Capital Management LLC lifted its position in MYR Group by 16.4% in the 2nd quarter. Driehaus Capital Management LLC now owns 141,534 shares of the utilities provider’s stock valued at $19,208,000 after acquiring an additional 19,904 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on MYRG shares. StockNews.com raised MYR Group from a “sell” rating to a “hold” rating in a research report on Monday. The Goldman Sachs Group upped their price objective on MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a research report on Monday. Stifel Nicolaus lowered their price objective on MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Finally, Robert W. Baird upped their price objective on MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $143.75.

MYR Group Price Performance

NASDAQ MYRG opened at $138.28 on Wednesday. The business’s fifty day moving average price is $107.28 and its 200-day moving average price is $128.07. The stock has a market capitalization of $2.23 billion, a price-to-earnings ratio of 60.38 and a beta of 0.89. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. MYR Group Inc. has a 1-year low of $86.60 and a 1-year high of $181.02.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.40. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The firm had revenue of $888.00 million for the quarter, compared to analysts’ expectations of $917.18 million. During the same period in the prior year, the firm earned $1.28 EPS. The company’s revenue was down 5.5% compared to the same quarter last year. On average, equities analysts predict that MYR Group Inc. will post 0.88 earnings per share for the current year.

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.