MYR Group, Inc. (NASDAQ:MYRG) Stock Holdings Decreased by Fifth Third Bancorp

Fifth Third Bancorp lowered its stake in MYR Group, Inc. (NASDAQ:MYRG) by 13.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 3,469 shares of the utilities provider’s stock after selling 562 shares during the period. Fifth Third Bancorp’s holdings in MYR Group were worth $392,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of MYRG. Allspring Global Investments Holdings LLC increased its position in shares of MYR Group by 77.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 54,405 shares of the utilities provider’s stock worth $8,045,000 after purchasing an additional 23,760 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of MYR Group by 0.5% in the 4th quarter. Rhumbline Advisers now owns 45,246 shares of the utilities provider’s stock valued at $6,731,000 after buying an additional 216 shares during the period. Truist Financial Corp boosted its holdings in shares of MYR Group by 51.1% in the 4th quarter. Truist Financial Corp now owns 3,402 shares of the utilities provider’s stock valued at $506,000 after buying an additional 1,150 shares during the period. Peregrine Capital Management LLC boosted its holdings in shares of MYR Group by 1.8% in the 4th quarter. Peregrine Capital Management LLC now owns 66,222 shares of the utilities provider’s stock valued at $9,852,000 after buying an additional 1,175 shares during the period. Finally, New York State Common Retirement Fund boosted its holdings in shares of MYR Group by 25.6% in the 4th quarter. New York State Common Retirement Fund now owns 86,016 shares of the utilities provider’s stock valued at $12,797,000 after buying an additional 17,559 shares during the period. Institutional investors own 88.90% of the company’s stock.

MYR Group Trading Up 1.7%

MYR Group stock opened at $166.99 on Wednesday. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.15. The firm has a 50-day moving average price of $146.30 and a two-hundred day moving average price of $140.49. The firm has a market capitalization of $2.59 billion, a price-to-earnings ratio of 76.60 and a beta of 1.17. MYR Group, Inc. has a 52-week low of $86.60 and a 52-week high of $168.88.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.27. The firm had revenue of $833.62 million during the quarter, compared to analyst estimates of $788.98 million. MYR Group had a net margin of 1.02% and a return on equity of 5.84%. MYR Group’s revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.12 EPS. Sell-side analysts expect that MYR Group, Inc. will post 1.16 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. The Goldman Sachs Group lowered shares of MYR Group from a “buy” rating to a “neutral” rating and lifted their price target for the company from $145.00 to $168.00 in a report on Friday, June 6th. Robert W. Baird lifted their price target on shares of MYR Group from $159.00 to $170.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. Stifel Nicolaus decreased their price target on shares of MYR Group from $157.00 to $131.00 and set a “buy” rating for the company in a report on Wednesday, April 9th. KeyCorp lifted their price target on shares of MYR Group from $136.00 to $163.00 and gave the company an “overweight” rating in a report on Friday, May 2nd. Finally, Piper Sandler lifted their price target on shares of MYR Group from $138.00 to $153.00 and gave the company a “neutral” rating in a report on Tuesday, May 27th. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, MYR Group currently has a consensus rating of “Moderate Buy” and an average target price of $157.00.

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.