TimesSquare Capital Management LLC Trims Stock Holdings in MYR Group, Inc. $MYRG

TimesSquare Capital Management LLC trimmed its position in MYR Group, Inc. (NASDAQ:MYRG) by 52.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 74,301 shares of the utilities provider’s stock after selling 82,155 shares during the period. TimesSquare Capital Management LLC owned 0.48% of MYR Group worth $16,235,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its stake in shares of MYR Group by 69.2% in the third quarter. Wellington Management Group LLP now owns 624,791 shares of the utilities provider’s stock worth $129,975,000 after acquiring an additional 255,493 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in shares of MYR Group in the fourth quarter worth $47,012,000. Vanguard Group Inc. grew its stake in shares of MYR Group by 14.7% in the third quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock worth $254,897,000 after acquiring an additional 157,157 shares during the last quarter. Invesco Ltd. grew its stake in shares of MYR Group by 59.9% in the third quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock worth $51,058,000 after acquiring an additional 91,923 shares during the last quarter. Finally, Squarepoint Ops LLC grew its stake in shares of MYR Group by 274.9% in the third quarter. Squarepoint Ops LLC now owns 121,434 shares of the utilities provider’s stock worth $25,262,000 after acquiring an additional 89,044 shares during the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on MYRG. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. The Goldman Sachs Group increased their target price on MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 3rd. Robert W. Baird set a $373.00 target price on MYR Group in a research note on Thursday, April 30th. Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a research note on Tuesday, April 21st. Finally, Stifel Nicolaus set a $503.00 price target on MYR Group in a report on Monday, May 4th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, MYR Group has a consensus rating of “Moderate Buy” and an average target price of $328.86.

MYR Group Trading Down 2.1%

Shares of NASDAQ:MYRG opened at $440.68 on Wednesday. The company has a market cap of $6.86 billion, a P/E ratio of 48.59 and a beta of 1.30. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.31 and a quick ratio of 1.31. MYR Group, Inc. has a 1 year low of $154.55 and a 1 year high of $480.00. The stock’s fifty day moving average price is $333.35 and its 200-day moving average price is $272.59.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.09 by $0.90. The firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $932.45 million. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The company’s quarterly revenue was up 20.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.45 earnings per share. Sell-side analysts expect that MYR Group, Inc. will post 10.59 earnings per share for the current year.

MYR Group Company 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.