Bank of New York Mellon Corp Sells 61,224 Shares of MYR Group, Inc. (NASDAQ:MYRG)

Bank of New York Mellon Corp cut its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 25.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 177,516 shares of the utilities provider’s stock after selling 61,224 shares during the quarter. Bank of New York Mellon Corp owned about 1.10% of MYR Group worth $20,075,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MYRG. Teacher Retirement System of Texas bought a new stake in MYR Group during the first quarter worth about $267,000. Townsend & Associates Inc lifted its holdings in shares of MYR Group by 20.4% during the first quarter. Townsend & Associates Inc now owns 127,824 shares of the utilities provider’s stock valued at $14,013,000 after purchasing an additional 21,631 shares during the last quarter. Peregrine Capital Management LLC boosted its position in shares of MYR Group by 3.5% in the 1st quarter. Peregrine Capital Management LLC now owns 68,531 shares of the utilities provider’s stock worth $7,750,000 after purchasing an additional 2,309 shares in the last quarter. Illinois Municipal Retirement Fund grew its stake in shares of MYR Group by 5.4% in the 1st quarter. Illinois Municipal Retirement Fund now owns 8,745 shares of the utilities provider’s stock worth $989,000 after buying an additional 447 shares during the last quarter. Finally, Sheets Smith Wealth Management grew its stake in shares of MYR Group by 4.1% in the 1st quarter. Sheets Smith Wealth Management now owns 9,147 shares of the utilities provider’s stock worth $1,034,000 after buying an additional 358 shares during the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MYRG has been the topic of a number of recent research reports. Robert W. Baird increased their target price on MYR Group from $159.00 to $170.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. The Goldman Sachs Group downgraded shares of MYR Group from a “buy” rating to a “neutral” rating and increased their price objective for the company from $145.00 to $168.00 in a research report on Friday, June 6th. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 24th. Piper Sandler increased 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. Finally, Stifel Nicolaus raised their price target on shares of MYR Group from $174.00 to $204.00 and gave the company a “buy” rating in a research report on Friday, July 11th. Two 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 company’s stock. According to data from MarketBeat.com, MYR Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $180.00.

MYR Group Price Performance

Shares of NASDAQ:MYRG opened at $191.94 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.31 and a current ratio of 1.31. The firm has a market cap of $2.98 billion, a price-to-earnings ratio of 88.05 and a beta of 1.19. The business has a 50-day simple moving average of $171.30 and a two-hundred day simple moving average of $144.35. MYR Group, Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $194.95.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data 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. MYR Group had a net margin of 1.02% and a return on equity of 5.84%. The firm had revenue of $833.62 million during the quarter, compared to analysts’ expectations of $788.98 million. During the same period in the previous year, the company earned $1.12 earnings per share. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. On average, analysts expect 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.