Rhumbline Advisers Sells 455 Shares of MYR Group Inc. (NASDAQ:MYRG)

Rhumbline Advisers decreased its stake in shares of MYR Group Inc. (NASDAQ:MYRG) by 1.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 44,791 shares of the utilities provider’s stock after selling 455 shares during the quarter. Rhumbline Advisers owned about 0.28% of MYR Group worth $5,065,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Arcadia Investment Management Corp MI bought a new position in MYR Group during the fourth quarter valued at $47,000. Smartleaf Asset Management LLC lifted its position in MYR Group by 697.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider’s stock valued at $49,000 after purchasing an additional 286 shares during the last quarter. Versant Capital Management Inc raised its stake in shares of MYR Group by 85.4% in the first quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider’s stock valued at $52,000 after acquiring an additional 210 shares during the period. ANTIPODES PARTNERS Ltd raised its stake in shares of MYR Group by 13.2% in the fourth quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider’s stock valued at $92,000 after acquiring an additional 72 shares during the period. Finally, Quadrant Capital Group LLC raised its stake in shares of MYR Group by 52.4% in the fourth quarter. Quadrant Capital Group LLC now owns 666 shares of the utilities provider’s stock valued at $99,000 after acquiring an additional 229 shares during the period. Institutional investors own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on MYRG shares. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 24th. Piper Sandler raised their price target on shares of MYR Group from $138.00 to $153.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 27th. The Goldman Sachs Group downgraded shares of MYR Group from a “buy” rating to a “neutral” rating and raised their price target for the stock from $145.00 to $168.00 in a research note on Friday, June 6th. KeyCorp raised their price target on shares of MYR Group from $136.00 to $163.00 and gave the stock an “overweight” rating in a research note on Friday, May 2nd. Finally, Stifel Nicolaus reduced their price target on shares of MYR Group from $157.00 to $131.00 and set a “buy” rating on the stock in a research note on Wednesday, April 9th. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $157.00.

MYR Group Price Performance

NASDAQ MYRG opened at $165.38 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. The firm’s 50 day moving average price is $142.78 and its 200-day moving average price is $140.47. MYR Group Inc. has a 52-week low of $86.60 and a 52-week high of $168.88. The company has a market cap of $2.57 billion, a PE ratio of 72.22 and a beta of 1.17.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.27. The company had revenue of $833.62 million during the quarter, compared to the consensus estimate of $788.98 million. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. MYR Group’s revenue was up 2.2% compared to the same quarter last year. During the same period last year, the firm earned $1.12 earnings per share. Sell-side analysts forecast that MYR Group Inc. will post 1.16 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.