New York State Teachers Retirement System Decreases Stock Position in MYR Group Inc. (NASDAQ:MYRG)

New York State Teachers Retirement System decreased its stake in shares of MYR Group Inc. (NASDAQ:MYRG) by 42.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,458 shares of the utilities provider’s stock after selling 3,338 shares during the quarter. New York State Teachers Retirement System’s holdings in MYR Group were worth $456,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. DekaBank Deutsche Girozentrale acquired a new position in shares of MYR Group during the third quarter worth about $116,000. Covestor Ltd grew its holdings in MYR Group by 23.7% during the 1st quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock worth $122,000 after acquiring an additional 132 shares in the last quarter. RiverPark Advisors LLC grew its holdings in MYR Group by 21.9% during the 2nd quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider’s stock worth $148,000 after acquiring an additional 196 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in shares of MYR Group in the 1st quarter valued at approximately $186,000. Finally, SG Americas Securities LLC acquired a new stake in shares of MYR Group in the 1st quarter valued at $208,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Performance

NASDAQ MYRG opened at $148.66 on Monday. The company has a fifty day moving average of $110.93 and a two-hundred day moving average of $127.61. The company has a market capitalization of $2.40 billion, a PE ratio of 64.92 and a beta of 0.89. MYR Group Inc. has a 1 year low of $86.60 and a 1 year high of $181.02. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.40. The firm had revenue of $888.00 million during the quarter, compared to analysts’ expectations of $917.18 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The business’s revenue was down 5.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.28 EPS. As a group, analysts expect that MYR Group Inc. will post 1.16 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Robert W. Baird boosted their target price on shares of MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. StockNews.com raised MYR Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. Stifel Nicolaus cut their target price on MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Finally, The Goldman Sachs Group upped their price target on MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a report on Monday, November 4th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $143.75.

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.