Third Avenue Management LLC lifted its holdings in shares of MYR Group Inc (NASDAQ:MYRG) by 5.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 299,535 shares of the utilities provider’s stock after buying an additional 15,987 shares during the quarter. MYR Group makes up approximately 0.6% of Third Avenue Management LLC’s investment portfolio, making the stock its 28th largest position. Third Avenue Management LLC’s holdings in MYR Group were worth $9,777,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp lifted its position in MYR Group by 2.2% in the third quarter. Bank of New York Mellon Corp now owns 183,119 shares of the utilities provider’s stock valued at $5,976,000 after purchasing an additional 3,952 shares during the period. ClariVest Asset Management LLC acquired a new stake in MYR Group in the third quarter valued at about $567,000. Stone Ridge Asset Management LLC lifted its position in MYR Group by 23.6% in the third quarter. Stone Ridge Asset Management LLC now owns 15,240 shares of the utilities provider’s stock valued at $497,000 after purchasing an additional 2,908 shares during the period. Wells Fargo & Company MN lifted its position in MYR Group by 16.7% in the third quarter. Wells Fargo & Company MN now owns 162,477 shares of the utilities provider’s stock valued at $5,303,000 after purchasing an additional 23,242 shares during the period. Finally, Victory Capital Management Inc. lifted its position in MYR Group by 11.2% in the third quarter. Victory Capital Management Inc. now owns 1,432,876 shares of the utilities provider’s stock valued at $46,769,000 after purchasing an additional 144,858 shares during the period. Institutional investors and hedge funds own 88.48% of the company’s stock.

MYRG stock opened at $29.66 on Tuesday. MYR Group Inc has a 12-month low of $28.93 and a 12-month high of $40.81. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.69 and a quick ratio of 1.69. The company has a market cap of $508.54 million, a PE ratio of 36.62 and a beta of 0.35.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, October 31st. The utilities provider reported $0.48 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.54 by ($0.06). MYR Group had a net margin of 2.33% and a return on equity of 8.49%. The company had revenue of $399.50 million for the quarter, compared to analyst estimates of $404.01 million. During the same quarter in the previous year, the business posted $0.31 earnings per share. MYR Group’s revenue was up 6.4% on a year-over-year basis. On average, analysts forecast that MYR Group Inc will post 1.75 earnings per share for the current year.

A number of equities research analysts recently commented on the stock. Robert W. Baird downgraded shares of MYR Group from an “outperform” rating to a “neutral” rating in a research report on Friday, August 3rd. B. Riley reduced their price objective on shares of MYR Group from $40.00 to $39.00 and set a “neutral” rating for the company in a research report on Tuesday, August 7th. Zacks Investment Research downgraded shares of MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, October 10th. BidaskClub upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a research report on Tuesday, October 9th. Finally, Citigroup downgraded shares of MYR Group to a “sell” rating in a research report on Monday, November 5th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. MYR Group has an average rating of “Hold” and an average target price of $40.00.

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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 and the renewable energy industries.

Further Reading: Balance Sheet

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Institutional Ownership by Quarter for MYR Group (NASDAQ:MYRG)

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