State of New Jersey Common Pension Fund D Trims Stake in MYR Group Inc. (NASDAQ:MYRG)

State of New Jersey Common Pension Fund D cut its position in shares of MYR Group Inc. (NASDAQ:MYRG) by 32.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,506 shares of the utilities provider’s stock after selling 5,508 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.07% of MYR Group worth $1,561,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Texas Permanent School Fund Corp lifted its position in shares of MYR Group by 13.5% in the 2nd quarter. Texas Permanent School Fund Corp now owns 16,600 shares of the utilities provider’s stock worth $2,253,000 after purchasing an additional 1,976 shares during the period. Choreo LLC purchased a new stake in MYR Group during the second quarter worth $481,000. TD Asset Management Inc boosted its position in MYR Group by 10.4% during the 2nd quarter. TD Asset Management Inc now owns 5,300 shares of the utilities provider’s stock valued at $719,000 after acquiring an additional 500 shares in the last quarter. Peregrine Capital Management LLC increased its holdings in shares of MYR Group by 1.3% in the 2nd quarter. Peregrine Capital Management LLC now owns 64,911 shares of the utilities provider’s stock valued at $8,809,000 after acquiring an additional 844 shares during the period. Finally, F M Investments LLC bought a new position in shares of MYR Group in the 2nd quarter worth $10,800,000. 88.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MYRG has been the subject of several recent analyst reports. Stifel Nicolaus reduced their price objective on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a research note on Monday, August 5th. The Goldman Sachs Group decreased their price objective on MYR Group from $182.00 to $124.00 and set a “buy” rating for the company in a report on Thursday, September 19th. Robert W. Baird lowered their price objective on MYR Group from $170.00 to $143.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Finally, StockNews.com lowered MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, September 18th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, MYR Group has an average rating of “Hold” and a consensus target price of $137.75.

MYR Group Trading Down 0.2 %

Shares of MYRG stock opened at $98.55 on Thursday. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.06. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $181.02. The company’s 50-day moving average price is $107.95 and its 200-day moving average price is $138.47. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of 19.10 and a beta of 0.93.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share for the quarter, missing the consensus estimate of $1.07 by ($1.98). MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The company had revenue of $828.89 million during the quarter, compared to analyst estimates of $876.07 million. During the same quarter last year, the business posted $1.33 EPS. The firm’s revenue for the quarter was down 6.7% on a year-over-year basis. As a group, equities analysts predict that MYR Group Inc. will post 0.91 earnings per share for the current year.

About MYR Group

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.