Allspring Global Investments Holdings LLC Lowers Holdings in MYR Group Inc. (NASDAQ:MYRG)

Allspring Global Investments Holdings LLC trimmed its holdings in MYR Group Inc. (NASDAQ:MYRG) by 21.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 40,580 shares of the utilities provider’s stock after selling 10,974 shares during the period. Allspring Global Investments Holdings LLC’s holdings in MYR Group were worth $5,869,000 as of its most recent filing with the SEC.

Other hedge funds also recently added to or reduced their stakes in the company. Mitchell Capital Management Co. boosted 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 valued at $4,532,000 after purchasing an additional 199 shares during the last quarter. Qube Research & Technologies Ltd boosted its holdings in MYR Group by 52.7% in the third quarter. Qube Research & Technologies Ltd now owns 19,605 shares of the utilities provider’s stock valued at $2,642,000 after purchasing an additional 6,766 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in MYR Group by 85.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 110,119 shares of the utilities provider’s stock valued at $15,927,000 after purchasing an additional 50,848 shares during the last quarter. Lord Abbett & CO. LLC boosted its stake in shares of MYR Group by 29.8% during the 3rd quarter. Lord Abbett & CO. LLC now owns 90,891 shares of the utilities provider’s stock worth $12,248,000 after acquiring an additional 20,885 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of MYR Group by 5.3% during the 3rd quarter. American Century Companies Inc. now owns 228,947 shares of the utilities provider’s stock worth $30,853,000 after acquiring an additional 11,594 shares in the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on MYRG. KeyCorp began coverage on shares of MYR Group in a research note on Wednesday, January 10th. They set a “sector weight” rating on the stock. Stifel Nicolaus lowered their target price on shares of MYR Group from $185.00 to $184.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Sidoti lowered shares of MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 target price on the stock. in a research note on Monday, February 26th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $170.75.

MYR Group Trading Down 1.3 %

Shares of MYR Group stock opened at $158.83 on Friday. The firm has a market capitalization of $2.66 billion, a PE ratio of 29.30 and a beta of 1.08. MYR Group Inc. has a twelve month low of $110.87 and a twelve month high of $181.02. The firm’s 50-day moving average price is $164.35 and its 200 day moving average price is $144.18. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.05.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, February 28th. The utilities provider reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.02. The firm had revenue of $1 billion for the quarter, compared to analyst estimates of $904.76 million. MYR Group had a net margin of 2.50% and a return on equity of 14.80%. MYR Group’s quarterly revenue was up 16.2% compared to the same quarter last year. During the same period last year, the company posted $1.46 EPS. On average, sell-side analysts predict that MYR Group Inc. will post 6.64 EPS for the current fiscal year.

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.