Peregrine Capital Management LLC Trims Stake in MYR Group, Inc. $MYRG

Peregrine Capital Management LLC lessened its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 8.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 54,115 shares of the utilities provider’s stock after selling 5,280 shares during the quarter. Peregrine Capital Management LLC’s holdings in MYR Group were worth $11,824,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CWA Asset Management Group LLC acquired a new position in shares of MYR Group in the 3rd quarter valued at $1,506,000. Vanguard Group Inc. boosted its stake in MYR Group by 14.7% during the 3rd quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock worth $254,897,000 after purchasing an additional 157,157 shares during the period. Fisher Asset Management LLC grew its position in MYR Group by 0.9% during the 3rd quarter. Fisher Asset Management LLC now owns 450,402 shares of the utilities provider’s stock worth $93,697,000 after purchasing an additional 4,203 shares during the last quarter. SG Americas Securities LLC purchased a new position in MYR Group during the 3rd quarter worth $1,516,000. Finally, Teton Advisors LLC acquired a new position in MYR Group in the third quarter valued at $1,248,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Stifel Nicolaus set a $351.00 target price on shares of MYR Group in a research note on Thursday, April 16th. The Goldman Sachs Group upped their price objective on MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research note on Tuesday, March 3rd. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a research note on Tuesday. Finally, Cantor Fitzgerald lifted their price objective on shares of MYR Group from $285.00 to $311.00 and gave the company an “overweight” rating in a research report on Monday, March 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, MYR Group has an average rating of “Moderate Buy” and a consensus target price of $242.00.

MYR Group Price Performance

MYRG stock traded up $6.04 on Thursday, reaching $339.08. 17,616 shares of the company’s stock were exchanged, compared to its average volume of 253,266. The stock has a fifty day moving average of $283.70 and a 200-day moving average of $247.25. The firm has a market cap of $5.27 billion, a PE ratio of 45.03 and a beta of 1.07. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.08. MYR Group, Inc. has a twelve month low of $116.91 and a twelve month high of $342.50.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, February 25th. The utilities provider reported $2.33 EPS for the quarter, topping the consensus estimate of $1.73 by $0.60. The company had revenue of $973.54 million for the quarter, compared to analyst estimates of $897.73 million. MYR Group had a net margin of 3.24% and a return on equity of 19.66%. The business’s revenue was up 17.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.99 EPS. As a group, equities analysts predict that MYR Group, Inc. will post 9.23 EPS for the current fiscal year.

MYR Group Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.