US Bancorp DE Reduces Position in MYR Group, Inc. $MYRG

US Bancorp DE cut its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 7.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,781 shares of the utilities provider’s stock after selling 480 shares during the quarter. US Bancorp DE’s holdings in MYR Group were worth $1,049,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in MYRG. Maseco LLP acquired a new stake in shares of MYR Group during the 2nd quarter valued at about $28,000. Quarry LP grew its position in shares of MYR Group by 190.4% during the 1st quarter. Quarry LP now owns 273 shares of the utilities provider’s stock valued at $31,000 after acquiring an additional 179 shares during the period. UMB Bank n.a. grew its position in shares of MYR Group by 266.0% during the 2nd quarter. UMB Bank n.a. now owns 194 shares of the utilities provider’s stock valued at $35,000 after acquiring an additional 141 shares during the period. Caitong International Asset Management Co. Ltd grew its position in shares of MYR Group by 92.7% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider’s stock valued at $39,000 after acquiring an additional 165 shares during the period. Finally, ANTIPODES PARTNERS Ltd grew its position in shares of MYR Group by 16.3% during the 1st quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider’s stock valued at $81,000 after acquiring an additional 101 shares during the period. 88.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Wall Street Zen cut MYR Group from a “strong-buy” rating to a “buy” rating in a research report on Friday, October 3rd. KeyCorp restated a “sector weight” rating on shares of MYR Group in a research report on Wednesday, October 1st. Weiss Ratings restated a “hold (c+)” rating on shares of MYR Group in a research report on Wednesday, October 8th. The Goldman Sachs Group upped their price target on shares of MYR Group from $168.00 to $205.00 and gave the stock a “neutral” rating in a research report on Thursday, August 7th. Finally, Stifel Nicolaus upped their price target 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 issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $194.50.

MYR Group Stock Down 0.9%

MYRG stock opened at $208.02 on Friday. The company has a market cap of $3.23 billion, a price-to-earnings ratio of 43.43 and a beta of 1.19. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.14. MYR Group, Inc. has a 12 month low of $97.72 and a 12 month high of $220.01. The firm has a 50-day moving average of $189.70 and a two-hundred day moving average of $169.77.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $1.70 EPS for the quarter, beating analysts’ consensus estimates of $1.56 by $0.14. The company had revenue of $900.33 million during the quarter, compared to the consensus estimate of $828.20 million. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. MYR Group’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.91) EPS. As a group, analysts forecast that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

About MYR Group

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.