Sheets Smith Wealth Management Cuts Position in MYR Group, Inc. $MYRG

Sheets Smith Wealth Management lessened its holdings in MYR Group, Inc. (NASDAQ:MYRG) by 7.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,457 shares of the utilities provider’s stock after selling 690 shares during the period. Sheets Smith Wealth Management owned about 0.05% of MYR Group worth $1,535,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. UMB Bank n.a. increased its stake in shares of MYR Group by 266.0% in the 2nd quarter. UMB Bank n.a. now owns 194 shares of the utilities provider’s stock valued at $35,000 after purchasing an additional 141 shares in the last quarter. Quarry LP lifted its stake in MYR Group by 190.4% in the 1st quarter. Quarry LP now owns 273 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 179 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in shares of MYR Group by 92.7% in the first quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider’s stock valued at $39,000 after purchasing an additional 165 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of MYR Group by 85.4% in the first quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider’s stock valued at $52,000 after purchasing an additional 210 shares during the last quarter. Finally, ANTIPODES PARTNERS Ltd increased its holdings in shares of MYR Group by 16.3% in the first quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider’s stock valued at $81,000 after purchasing an additional 101 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Analysts Set New Price Targets

MYRG has been the subject of several recent research reports. Stifel Nicolaus set a $210.00 price target on MYR Group in a report on Monday, August 4th. The Goldman Sachs Group increased their price target on MYR Group from $168.00 to $205.00 and gave the company a “neutral” rating in a report on Thursday, August 7th. Jefferies Financial Group assumed coverage on MYR Group in a report on Friday, August 15th. They issued a “hold” rating and a $202.00 price target for the company. Piper Sandler raised their price target on shares of MYR Group from $138.00 to $153.00 and gave the stock a “neutral” rating in a report on Tuesday, May 27th. Finally, KeyCorp raised their price target on shares of MYR Group from $205.00 to $211.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $191.83.

MYR Group Stock Down 3.0%

Shares of MYR Group stock opened at $183.53 on Wednesday. The company has a market capitalization of $2.85 billion, a P/E ratio of 38.32 and a beta of 1.19. The company has a 50 day moving average of $185.78 and a 200 day moving average of $159.73. MYR Group, Inc. has a 52-week low of $97.72 and a 52-week high of $220.01. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.14. The business had revenue of $900.33 million during the quarter, compared to analysts’ expectations of $828.20 million. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the previous year, the company earned ($0.91) EPS. As a group, research analysts forecast that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

About MYR Group

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.