MYR Group, Inc. (NASDAQ:MYRG) Position Reduced by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC decreased its holdings in MYR Group, Inc. (NASDAQ:MYRG) by 38.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,428 shares of the utilities provider’s stock after selling 1,542 shares during the quarter. Janney Montgomery Scott LLC’s holdings in MYR Group were worth $275,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. SG Americas Securities LLC purchased a new position in MYR Group during the 1st quarter worth approximately $440,000. GAMMA Investing LLC lifted its position in MYR Group by 12,329.7% during the 1st quarter. GAMMA Investing LLC now owns 68,985 shares of the utilities provider’s stock worth $7,802,000 after acquiring an additional 68,430 shares during the last quarter. Versant Capital Management Inc raised its position in shares of MYR Group by 85.4% during the first quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider’s stock valued at $52,000 after buying an additional 210 shares during the last quarter. Wellington Management Group LLP acquired a new position in MYR Group in the fourth quarter worth about $60,217,000. Finally, Mackenzie Financial Corp raised its position in MYR Group by 121.4% in the fourth quarter. Mackenzie Financial Corp now owns 10,815 shares of the utilities provider’s stock worth $1,609,000 after purchasing an additional 5,930 shares in the last quarter. Institutional investors own 88.90% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. The Goldman Sachs Group lowered shares of MYR Group from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $145.00 to $168.00 in a report on Friday, June 6th. Piper Sandler lifted their price target on shares of MYR Group from $138.00 to $153.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 27th. Robert W. Baird boosted their price objective on shares of MYR Group from $159.00 to $170.00 and gave the company an “outperform” rating in a research report on Thursday, May 1st. Stifel Nicolaus lowered 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. Finally, KeyCorp upped their target price 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. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, MYR Group has a consensus rating of “Moderate Buy” and a consensus target price of $157.00.

MYR Group Price Performance

Shares of NASDAQ MYRG opened at $188.75 on Friday. The firm has a market cap of $2.93 billion, a P/E ratio of 86.58 and a beta of 1.19. 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, Inc. has a 1-year low of $86.60 and a 1-year high of $189.36. The business’s 50 day moving average is $162.88 and its 200-day moving average is $141.87.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.27. MYR Group had a return on equity of 5.84% and a net margin of 1.02%. The firm had revenue of $833.62 million for the quarter, compared to analyst estimates of $788.98 million. During the same quarter last year, the company earned $1.12 EPS. The company’s revenue was up 2.2% on a year-over-year basis. Equities research analysts predict 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.