Arizona State Retirement System Trims Position in MYR Group, Inc. (NASDAQ:MYRG)

Arizona State Retirement System decreased its position in MYR Group, Inc. (NASDAQ:MYRG) by 3.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,618 shares of the utilities provider’s stock after selling 160 shares during the quarter. Arizona State Retirement System’s holdings in MYR Group were worth $522,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of MYRG. T. Rowe Price Investment Management Inc. lifted its holdings in MYR Group by 42.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider’s stock valued at $79,942,000 after acquiring an additional 159,302 shares during the period. Millennium Management LLC grew its holdings in MYR Group by 38.4% during the 4th quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider’s stock valued at $68,706,000 after buying an additional 128,159 shares in the last quarter. Wellington Management Group LLP purchased a new position in MYR Group during the 4th quarter valued at approximately $60,217,000. American Century Companies Inc. boosted its holdings in shares of MYR Group by 38.2% in the 4th quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider’s stock worth $49,368,000 after purchasing an additional 91,644 shares during the period. Finally, Artisan Partners Limited Partnership lifted its stake in shares of MYR Group by 19.8% during the 4th quarter. Artisan Partners Limited Partnership now owns 324,139 shares of the utilities provider’s stock worth $48,222,000 after acquiring an additional 53,496 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

MYR Group Price Performance

Shares of NASDAQ:MYRG opened at $190.66 on Tuesday. The business has a 50-day moving average of $171.30 and a two-hundred day moving average of $144.30. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.31 and a quick ratio of 1.31. The stock has a market capitalization of $2.96 billion, a P/E ratio of 88.05 and a beta of 1.19. 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 issued its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share for the quarter, topping 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 company had revenue of $833.62 million for the quarter, compared to analysts’ expectations of $788.98 million. During the same quarter in the previous year, the firm posted $1.12 earnings per share. MYR Group’s revenue for the quarter was up 2.2% on a year-over-year basis. On average, equities research analysts predict that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on MYRG shares. Stifel Nicolaus upped their price target on MYR Group from $174.00 to $204.00 and gave the stock a “buy” rating in a report on Friday, July 11th. Robert W. Baird raised their price target on MYR Group from $159.00 to $170.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. The Goldman Sachs Group cut 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 note on Friday, June 6th. KeyCorp raised their price target on MYR Group from $172.00 to $205.00 and gave the company an “overweight” rating in a research note on Wednesday, July 16th. Finally, Piper Sandler lifted their target price on MYR Group from $138.00 to $153.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 27th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $180.00.

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.