Forge First Asset Management Inc. Has $2.77 Million Stock Position in MYR Group, Inc. (NASDAQ:MYRG)

Forge First Asset Management Inc. reduced its holdings in MYR Group, Inc. (NASDAQ:MYRG) by 35.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,515 shares of the utilities provider’s stock after selling 13,479 shares during the period. MYR Group comprises about 1.2% of Forge First Asset Management Inc.’s holdings, making the stock its 26th largest holding. Forge First Asset Management Inc. owned approximately 0.16% of MYR Group worth $2,771,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of MYRG. Captrust Financial Advisors increased its stake in shares of MYR Group by 0.9% in the fourth quarter. Captrust Financial Advisors now owns 8,519 shares of the utilities provider’s stock worth $1,267,000 after acquiring an additional 75 shares during the last quarter. ANTIPODES PARTNERS Ltd grew its stake in MYR Group by 16.3% in the first quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider’s stock valued at $81,000 after purchasing an additional 101 shares in the last quarter. US Bancorp DE increased its position in MYR Group by 2.4% in the 1st quarter. US Bancorp DE now owns 6,261 shares of the utilities provider’s stock worth $708,000 after purchasing an additional 144 shares during the last quarter. Bank of Montreal Can increased its position in MYR Group by 6.3% in the 4th quarter. Bank of Montreal Can now owns 3,356 shares of the utilities provider’s stock worth $499,000 after purchasing an additional 199 shares during the last quarter. Finally, Versant Capital Management Inc raised its stake in shares of MYR Group by 85.4% during the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider’s stock worth $52,000 after purchasing an additional 210 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. KeyCorp boosted their price target on MYR Group from $205.00 to $211.00 and gave the company an “overweight” rating in a research note on Friday. The Goldman Sachs Group downgraded shares of MYR Group from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $145.00 to $168.00 in a research report on Friday, June 6th. Piper Sandler increased their price target on shares of MYR Group from $138.00 to $153.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 27th. Stifel Nicolaus lifted their price objective on shares of MYR Group from $174.00 to $204.00 and gave the company a “buy” rating in a research note on Friday, July 11th. Finally, Robert W. Baird increased their target price 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 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $181.20.

MYR Group Trading Down 3.1%

Shares of MYRG stock opened at $187.44 on Friday. MYR Group, Inc. has a 12 month low of $86.60 and a 12 month high of $220.01. The company has a market cap of $2.91 billion, a PE ratio of 39.13 and a beta of 1.19. The company has a quick ratio of 1.31, a current ratio of 1.33 and a debt-to-equity ratio of 0.14. The business’s 50 day moving average is $177.67 and its two-hundred day moving average is $147.65.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.14. The business had revenue of $900.33 million for the quarter, compared to analyst estimates of $828.20 million. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. MYR Group’s revenue was up 8.6% compared to the same quarter last year. During the same period last year, the business posted ($0.91) EPS. Equities analysts predict that MYR Group, Inc. will post 1.16 EPS for the current year.

MYR Group Company 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.