MYR Group, Inc. $MYRG Holdings Lessened by State of Alaska Department of Revenue

State of Alaska Department of Revenue reduced its stake in MYR Group, Inc. (NASDAQ:MYRG) by 42.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,456 shares of the utilities provider’s stock after selling 2,512 shares during the period. State of Alaska Department of Revenue’s holdings in MYR Group were worth $1,010,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in MYR Group during the 2nd quarter worth $1,232,294,000. Dimensional Fund Advisors LP raised its holdings in MYR Group by 2.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 376,175 shares of the utilities provider’s stock valued at $106,187,000 after acquiring an additional 10,198 shares in the last quarter. Bank of America Corp DE bought a new stake in shares of MYR Group during the 2nd quarter valued at $61,365,000. First Trust Advisors LP lifted its position in shares of MYR Group by 23.5% during the 1st quarter. First Trust Advisors LP now owns 203,732 shares of the utilities provider’s stock valued at $57,518,000 after acquiring an additional 38,726 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in shares of MYR Group during the 2nd quarter valued at $53,361,000. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Stock Performance

NASDAQ MYRG opened at $275.21 on Thursday. The firm’s 50 day simple moving average is $296.99 and its 200 day simple moving average is $365.43. The firm has a market capitalization of $4.28 billion, a price-to-earnings ratio of 26.11 and a beta of 1.32. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01. MYR Group, Inc. has a 1 year low of $190.13 and a 1 year high of $503.57.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, beating the consensus estimate of $2.62 by $0.55. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $995.74 million. During the same period in the previous year, the business earned $1.70 earnings per share. The company’s revenue was up 20.1% on a year-over-year basis. As a group, research analysts expect that MYR Group, Inc. will post 12.43 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

MYRG has been the topic of several analyst reports. Jefferies Financial Group raised MYR Group from a “hold” rating to a “buy” rating and reduced their target price for the stock from $377.00 to $370.00 in a report on Tuesday, October 6th. Stifel Nicolaus dropped their price target on MYR Group from $445.00 to $393.00 and set a “buy” rating for the company in a research note on Thursday, October 8th. The Goldman Sachs Group cut their price objective on shares of MYR Group from $469.00 to $422.00 and set a “neutral” rating for the company in a research report on Thursday, August 13th. Wall Street Zen cut shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 29th. Finally, Weiss Ratings downgraded shares of MYR Group from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $424.80.

MYR Group Profile

MYR Group Inc is a holding company that operates specialty electrical infrastructure contracting businesses in the United States and Canada. Its companies provide construction, maintenance, repair and emergency restoration services for electric power infrastructure and other complex electrical systems.

MYR Group operates through two primary segments: Transmission and Distribution and Commercial and Industrial. Its transmission and distribution work includes overhead and underground power lines, substations and related utility infrastructure.