State of Alaska Department of Revenue Has $1.49 Million Stock Position in MYR Group Inc. (NASDAQ:MYRG)

State of Alaska Department of Revenue lowered its position in shares of MYR Group Inc. (NASDAQ:MYRG) by 1.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,280 shares of the utilities provider’s stock after selling 124 shares during the quarter. State of Alaska Department of Revenue owned 0.06% of MYR Group worth $1,486,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Mitchell Capital Management Co. boosted its position in MYR Group by 0.6% during the 3rd quarter. Mitchell Capital Management Co. now owns 33,627 shares of the utilities provider’s stock worth $4,532,000 after acquiring an additional 199 shares during the last quarter. Qube Research & Technologies Ltd raised its stake in shares of MYR Group by 52.7% during the 3rd quarter. Qube Research & Technologies Ltd now owns 19,605 shares of the utilities provider’s stock worth $2,642,000 after purchasing an additional 6,766 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of MYR Group by 85.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 110,119 shares of the utilities provider’s stock worth $15,927,000 after purchasing an additional 50,848 shares in the last quarter. Lord Abbett & CO. LLC raised its stake in shares of MYR Group by 29.8% during the 3rd quarter. Lord Abbett & CO. LLC now owns 90,891 shares of the utilities provider’s stock worth $12,248,000 after purchasing an additional 20,885 shares in the last quarter. Finally, Townsend & Associates Inc raised its stake in shares of MYR Group by 20.9% during the 3rd quarter. Townsend & Associates Inc now owns 50,446 shares of the utilities provider’s stock worth $6,798,000 after purchasing an additional 8,712 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Stock Up 2.8 %

Shares of NASDAQ MYRG opened at $178.21 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.37 and a current ratio of 1.37. MYR Group Inc. has a 52 week low of $110.87 and a 52 week high of $179.68. The stock has a market capitalization of $2.98 billion, a P/E ratio of 32.88 and a beta of 1.08. The stock’s fifty day moving average is $161.00 and its 200 day moving average is $142.28.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, February 28th. The utilities provider reported $1.43 EPS 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 company had revenue of $1 billion for the quarter, compared to analysts’ expectations of $904.76 million. During the same quarter last year, the business earned $1.46 earnings per share. MYR Group’s revenue was up 16.2% on a year-over-year basis. Sell-side analysts forecast that MYR Group Inc. will post 6.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. KeyCorp assumed coverage on MYR Group in a research note on Wednesday, January 10th. They set a “sector weight” rating on the stock. Sidoti cut MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price objective on the stock. in a research note on Monday, February 26th. Stifel Nicolaus upped their price objective on MYR Group from $168.00 to $185.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. Finally, The Goldman Sachs Group started coverage on MYR Group in a research note on Friday, December 15th. They issued a “buy” rating and a $164.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, MYR Group has an average rating of “Hold” and an average target price 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.