Maryland State Retirement & Pension System Trims Stock Position in MYR Group Inc. (NASDAQ:MYRG)

Maryland State Retirement & Pension System trimmed its stake in MYR Group Inc. (NASDAQ:MYRG) by 1.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,073 shares of the utilities provider’s stock after selling 82 shares during the period. Maryland State Retirement & Pension System’s holdings in MYR Group were worth $878,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of MYRG. New York State Common Retirement Fund lifted its position in MYR Group by 115.6% during the 4th quarter. New York State Common Retirement Fund now owns 38,830 shares of the utilities provider’s stock valued at $5,616,000 after acquiring an additional 20,820 shares during the period. Linden Thomas Advisory Services LLC grew its stake in shares of MYR Group by 4.6% in the fourth quarter. Linden Thomas Advisory Services LLC now owns 11,300 shares of the utilities provider’s stock worth $1,634,000 after acquiring an additional 493 shares during the last quarter. Mitchell Capital Management Co. raised its holdings in MYR Group by 0.6% in the third quarter. Mitchell Capital Management Co. now owns 33,627 shares of the utilities provider’s stock worth $4,532,000 after buying an additional 199 shares during the last quarter. GAMMA Investing LLC bought a new position in MYR Group in the 4th quarter valued at approximately $62,000. Finally, Qube Research & Technologies Ltd boosted its position in shares of MYR Group by 52.7% during the third quarter. Qube Research & Technologies Ltd now owns 19,605 shares of the utilities provider’s stock valued at $2,642,000 after buying an additional 6,766 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

MYR Group Stock Up 0.6 %

MYRG stock opened at $156.65 on Friday. The business’s 50-day moving average price is $164.54 and its 200-day moving average price is $147.24. The stock has a market cap of $2.63 billion, a P/E ratio of 30.36 and a beta of 1.10. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.05. MYR Group Inc. has a twelve month low of $110.87 and a twelve month high of $181.02.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.10. The business had revenue of $815.56 million during the quarter, compared to analyst estimates of $854.13 million. MYR Group had a net margin of 2.38% and a return on equity of 13.64%. The company’s revenue was up .5% on a year-over-year basis. During the same period in the prior year, the business posted $1.38 earnings per share. On average, equities research analysts forecast that MYR Group Inc. will post 6.64 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MYRG. Stifel Nicolaus lowered their price objective on shares of MYR Group from $185.00 to $184.00 and set a “buy” rating on the stock in a research report on Tuesday, April 16th. Sidoti cut MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price target on the stock. in a report on Monday, February 26th. Finally, Robert W. Baird reduced their price objective on MYR Group from $185.00 to $180.00 and set an “outperform” rating for the company in a research report on Thursday, May 2nd. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, MYR Group has a consensus rating of “Moderate Buy” and an average target price of $173.25.

MYR Group Company 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.