TimesSquare Capital Management LLC Lowers Stock Position in MYR Group, Inc. $MYRG

TimesSquare Capital Management LLC decreased its position in MYR Group, Inc. (NASDAQ:MYRG) by 8.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 154,300 shares of the utilities provider’s stock after selling 13,957 shares during the period. TimesSquare Capital Management LLC’s holdings in MYR Group were worth $27,998,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Maseco LLP acquired a new stake in shares of MYR Group during the 2nd quarter valued at about $28,000. Quarry LP raised its position in MYR Group by 190.4% during the first quarter. Quarry LP now owns 273 shares of the utilities provider’s stock worth $31,000 after acquiring an additional 179 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in MYR Group during the second quarter valued at $34,000. UMB Bank n.a. grew its position in shares of MYR Group by 266.0% in the second 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 during the period. Finally, Caitong International Asset Management Co. Ltd increased its stake in shares of MYR Group by 92.7% during the first quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider’s stock worth $39,000 after purchasing an additional 165 shares in the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on MYRG. Jefferies Financial Group assumed coverage on MYR Group in a research note on Friday, August 15th. They set a “hold” rating and a $202.00 price objective for the company. Stifel Nicolaus lifted their price target on shares of MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a research report on Thursday, October 9th. KeyCorp reiterated a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. Wall Street Zen downgraded MYR Group from a “strong-buy” rating to a “buy” rating in a research report on Sunday. Finally, Weiss Ratings upgraded MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $194.50.

MYR Group Trading Up 0.6%

MYRG opened at $233.58 on Wednesday. MYR Group, Inc. has a 52 week low of $97.72 and a 52 week high of $241.13. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14. The business has a fifty day simple moving average of $202.00 and a 200-day simple moving average of $184.01. The firm has a market cap of $3.63 billion, a P/E ratio of 37.74 and a beta of 1.24.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.82 by $0.23. MYR Group had a return on equity of 16.94% and a net margin of 2.78%.The firm had revenue of $950.40 million for the quarter, compared to the consensus estimate of $931.72 million. During the same quarter in the previous year, the business earned $0.65 EPS. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. On average, equities analysts expect that MYR Group, Inc. will post 1.16 earnings per share for the current year.

Insider Transactions at MYR Group

In other MYR Group news, COO Don A. Egan sold 2,900 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total value of $676,860.00. Following the completion of the transaction, the chief operating officer owned 5,797 shares of the company’s stock, valued at $1,353,019.80. This trade represents a 33.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 1.80% of the stock is currently owned by company insiders.

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.