MYR Group, Inc. (NASDAQ:MYRG) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue lessened its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG) by 2.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,934 shares of the utilities provider’s stock after selling 230 shares during the period. State of Alaska Department of Revenue owned 0.06% of MYR Group worth $1,010,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in MYRG. Wellington Management Group LLP bought a new stake in shares of MYR Group during the fourth quarter valued at about $60,217,000. ACK Asset Management LLC bought a new stake in shares of MYR Group during the 4th quarter worth about $29,754,000. T. Rowe Price Investment Management Inc. raised its position in shares of MYR Group by 42.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider’s stock worth $79,942,000 after buying an additional 159,302 shares in the last quarter. Millennium Management LLC lifted its stake in shares of MYR Group by 38.4% in the 4th quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider’s stock worth $68,706,000 after acquiring an additional 128,159 shares during the period. Finally, Next Century Growth Investors LLC lifted its stake in shares of MYR Group by 513.8% in the 4th quarter. Next Century Growth Investors LLC now owns 151,610 shares of the utilities provider’s stock worth $22,555,000 after acquiring an additional 126,910 shares during the period. Institutional investors own 88.90% of the company’s stock.

Analysts Set New Price Targets

MYRG has been the topic of several recent analyst reports. KeyCorp boosted their target price on MYR Group from $136.00 to $163.00 and gave the stock an “overweight” rating in a report on Friday, May 2nd. Stifel Nicolaus lowered their price target on MYR Group from $157.00 to $131.00 and set a “buy” rating on the stock in a research report on Wednesday, April 9th. Piper Sandler upped their price objective on MYR Group from $138.00 to $153.00 and gave the company a “neutral” rating in a report on Tuesday, May 27th. The Goldman Sachs Group cut MYR Group from a “buy” rating to a “neutral” rating and raised their target price for the company from $145.00 to $168.00 in a research note on Friday, June 6th. Finally, Robert W. Baird boosted their price target on shares of MYR Group from $159.00 to $170.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $157.00.

MYR Group Price Performance

MYRG stock opened at $180.20 on Friday. MYR Group, Inc. has a one year low of $86.60 and a one year high of $188.71. The firm has a 50-day moving average of $154.73 and a two-hundred day moving average of $141.16. The firm has a market capitalization of $2.80 billion, a PE ratio of 82.66 and a beta of 1.17. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.15.

MYR Group (NASDAQ:MYRG) last released its quarterly 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. MYR Group had a net margin of 1.02% and a return on equity of 5.84%. The business had revenue of $833.62 million for the quarter, compared to analyst estimates of $788.98 million. During the same quarter in the previous year, the business earned $1.12 earnings per share. The firm’s revenue was up 2.2% compared to the same quarter last year. On average, analysts forecast that MYR Group, Inc. will post 1.16 earnings per share for the current year.

MYR Group 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.