MYR Group Inc. (NASDAQ:MYRG) Stake Lessened by Algert Global LLC

Algert Global LLC trimmed its position in shares of MYR Group Inc. (NASDAQ:MYRG) by 28.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,250 shares of the utilities provider’s stock after selling 1,730 shares during the period. Algert Global LLC’s holdings in MYR Group were worth $632,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of MYRG. Barclays PLC raised its holdings in shares of MYR Group by 192.2% during the third quarter. Barclays PLC now owns 34,987 shares of the utilities provider’s stock worth $3,578,000 after acquiring an additional 23,013 shares in the last quarter. Tidal Investments LLC raised its holdings in shares of MYR Group by 2.0% during the third quarter. Tidal Investments LLC now owns 4,286 shares of the utilities provider’s stock worth $438,000 after acquiring an additional 83 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of MYR Group by 3.7% during the third quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock worth $44,113,000 after acquiring an additional 15,361 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of MYR Group by 27.0% during the fourth quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock worth $83,000 after acquiring an additional 118 shares in the last quarter. Finally, MCF Advisors LLC raised its holdings in shares of MYR Group by 470.0% during the fourth quarter. MCF Advisors LLC now owns 171 shares of the utilities provider’s stock worth $25,000 after acquiring an additional 141 shares in the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

MYR Group Price Performance

NASDAQ MYRG opened at $155.25 on Monday. MYR Group Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $168.88. The stock’s 50-day moving average is $121.52 and its two-hundred day moving average is $136.77. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. The firm has a market cap of $2.41 billion, a P/E ratio of 67.80 and a beta of 1.06.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.27. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The company had revenue of $833.62 million for the quarter, compared to analyst estimates of $788.98 million. During the same period last year, the company earned $1.12 earnings per share. The business’s revenue was up 2.2% compared to the same quarter last year. On average, analysts anticipate that MYR Group Inc. will post 1.16 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently issued reports on MYRG shares. The Goldman Sachs Group cut their price objective on MYR Group from $164.00 to $145.00 and set a “buy” rating for the company in a report on Thursday, April 24th. KeyCorp increased their price objective on MYR Group from $136.00 to $163.00 and gave the stock an “overweight” rating in a report on Friday, May 2nd. Robert W. Baird increased their target price on shares of MYR Group from $159.00 to $170.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. StockNews.com upgraded MYR Group from a “hold” rating to a “buy” rating in a report on Monday, May 5th. Finally, Piper Sandler raised their target price on MYR Group from $124.00 to $138.00 and gave the company a “neutral” rating in a report on Monday, May 5th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $149.40.

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.