Russell Investments Group Ltd. Sells 26,484 Shares of MYR Group Inc. (NASDAQ:MYRG)

Russell Investments Group Ltd. lowered its stake in shares of MYR Group Inc. (NASDAQ:MYRG) by 37.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 43,483 shares of the utilities provider’s stock after selling 26,484 shares during the quarter. Russell Investments Group Ltd.’s holdings in MYR Group were worth $6,289,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Daiwa Securities Group Inc. purchased a new position in shares of MYR Group during the 4th quarter worth approximately $29,000. GAMMA Investing LLC purchased a new stake in MYR Group in the fourth quarter worth $62,000. Planned Solutions Inc. bought a new position in MYR Group in the fourth quarter worth $130,000. Quantbot Technologies LP lifted its position in MYR Group by 446.3% during the third quarter. Quantbot Technologies LP now owns 1,475 shares of the utilities provider’s stock valued at $199,000 after buying an additional 1,205 shares during the period. Finally, Assetmark Inc. boosted its holdings in shares of MYR Group by 15.2% during the 3rd quarter. Assetmark Inc. now owns 1,689 shares of the utilities provider’s stock valued at $228,000 after buying an additional 223 shares in the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MYRG has been the subject of several research reports. Stifel Nicolaus decreased their price target on shares of MYR Group from $185.00 to $184.00 and set a “buy” rating for the company in a research note on Tuesday, April 16th. Robert W. Baird decreased their target price on shares of MYR Group from $185.00 to $180.00 and set an “outperform” rating for the company in a research note on Thursday, May 2nd. KeyCorp initiated coverage on MYR Group in a research report on Wednesday, January 10th. They issued a “sector weight” rating on the stock. Finally, Sidoti lowered MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price objective for the company. in a research report on Monday, February 26th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, MYR Group presently has an average rating of “Moderate Buy” and an average price target of $173.25.

MYR Group Trading Up 1.3 %

Shares of NASDAQ MYRG opened at $155.65 on Thursday. The firm’s 50 day moving average price is $164.65 and its 200-day moving average price is $147.17. MYR Group Inc. has a 52-week low of $110.87 and a 52-week high of $181.02. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.40 and a current ratio of 1.40. The company has a market cap of $2.61 billion, a PE ratio of 30.16 and a beta of 1.10.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.10. The business had revenue of $815.56 million for the quarter, compared to analysts’ expectations of $854.13 million. MYR Group had a return on equity of 13.64% and a net margin of 2.38%. The firm’s quarterly revenue was up .5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.38 EPS. On average, equities research analysts expect 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.