KLP Kapitalforvaltning AS Has $726,000 Stock Holdings in MYR Group, Inc. $MYRG

KLP Kapitalforvaltning AS cut its position in MYR Group, Inc. (NASDAQ:MYRG) by 21.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,000 shares of the utilities provider’s stock after selling 1,100 shares during the period. KLP Kapitalforvaltning AS’s holdings in MYR Group were worth $726,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in MYRG. SG Americas Securities LLC acquired a new stake in shares of MYR Group in the 1st quarter valued at about $440,000. Sheets Smith Wealth Management boosted its stake in MYR Group by 4.1% during the 1st quarter. Sheets Smith Wealth Management now owns 9,147 shares of the utilities provider’s stock valued at $1,034,000 after purchasing an additional 358 shares during the last quarter. Illinois Municipal Retirement Fund boosted its stake in MYR Group by 5.4% during the 1st quarter. Illinois Municipal Retirement Fund now owns 8,745 shares of the utilities provider’s stock valued at $989,000 after purchasing an additional 447 shares during the last quarter. Peregrine Capital Management LLC boosted its stake in MYR Group by 3.5% during the 1st quarter. Peregrine Capital Management LLC now owns 68,531 shares of the utilities provider’s stock valued at $7,750,000 after purchasing an additional 2,309 shares during the last quarter. Finally, Townsend & Associates Inc boosted its stake in MYR Group by 20.4% during the 1st 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. 88.90% of the stock is currently owned by institutional investors and hedge funds.

MYR Group Trading Up 2.3%

NASDAQ:MYRG opened at $209.91 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $3.26 billion, a PE ratio of 43.82 and a beta of 1.19. The firm’s 50 day moving average is $189.24 and its 200 day moving average is $169.12. MYR Group, Inc. has a 12 month low of $97.72 and a 12 month high of $220.01.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $1.70 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.14. The company had revenue of $900.33 million for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.91) EPS. Sell-side analysts expect that MYR Group, Inc. will post 1.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MYRG. Jefferies Financial Group began coverage on MYR Group in a research note on Friday, August 15th. They set a “hold” rating and a $202.00 price target for the company. The Goldman Sachs Group lifted their price target on MYR Group from $168.00 to $205.00 and gave the company a “neutral” rating in a research note on Thursday, August 7th. KeyCorp reiterated a “sector weight” rating on shares of MYR Group in a research note on Wednesday, October 1st. Weiss Ratings reiterated a “hold (c+)” rating on shares of MYR Group in a research note on Wednesday, October 8th. Finally, Stifel Nicolaus lifted their target price on shares of MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a research report on Thursday, October 9th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $194.50.

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.