Intech Investment Management LLC Sells 2,247 Shares of MYR Group, Inc. $MYRG

Intech Investment Management LLC cut its position in MYR Group, Inc. (NASDAQ:MYRG) by 14.8% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 12,962 shares of the utilities provider’s stock after selling 2,247 shares during the quarter. Intech Investment Management LLC’s holdings in MYR Group were worth $2,832,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew its stake in MYR Group by 3.3% in the 4th quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider’s stock valued at $276,501,000 after buying an additional 40,164 shares during the last quarter. Wellington Management Group LLP grew its position 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 valued at $129,975,000 after purchasing an additional 255,493 shares during the last quarter. Fisher Asset Management LLC grew its position in shares of MYR Group by 4.7% in the fourth quarter. Fisher Asset Management LLC now owns 471,706 shares of the utilities provider’s stock valued at $103,068,000 after purchasing an additional 21,304 shares during the last quarter. Geode Capital Management LLC grew its position in shares of MYR Group by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider’s stock valued at $86,574,000 after purchasing an additional 13,511 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of MYR Group by 2.3% in the fourth quarter. Principal Financial Group Inc. now owns 389,009 shares of the utilities provider’s stock valued at $84,998,000 after purchasing an additional 8,695 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

MYR Group Stock Performance

NASDAQ:MYRG opened at $450.31 on Wednesday. The firm’s 50-day moving average is $367.60 and its 200-day moving average is $287.04. MYR Group, Inc. has a 52-week low of $157.07 and a 52-week high of $484.71. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31. The company has a market cap of $7.01 billion, a price-to-earnings ratio of 49.65 and a beta of 1.32.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.90. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The company had revenue of $1 billion for the quarter, compared to the consensus estimate of $932.45 million. During the same quarter in the previous year, the firm posted $1.45 EPS. The business’s revenue was up 20.0% compared to the same quarter last year. Equities research analysts anticipate that MYR Group, Inc. will post 10.59 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on MYRG shares. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Robert W. Baird set a $373.00 price target on MYR Group in a research report on Thursday, April 30th. Stifel Nicolaus set a $503.00 price target on MYR Group in a research report on Monday, May 4th. Cantor Fitzgerald lifted their price target on MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Finally, The Goldman Sachs Group upped their target price on shares of MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research note on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, MYR Group has a consensus rating of “Moderate Buy” and an average target price of $358.17.

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.