Maryland State Retirement & Pension System Sells 2,330 Shares of MYR Group, Inc. $MYRG

Maryland State Retirement & Pension System reduced its position in MYR Group, Inc. (NASDAQ:MYRG) by 51.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,232 shares of the utilities provider’s stock after selling 2,330 shares during the quarter. Maryland State Retirement & Pension System’s holdings in MYR Group were worth $464,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of MYRG. Sumitomo Mitsui Trust Group Inc. boosted its holdings in MYR Group by 8.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,300 shares of the utilities provider’s stock valued at $270,000 after acquiring an additional 100 shares during the period. First Horizon Corp purchased a new position in MYR Group in the third quarter valued at about $47,000. Nisa Investment Advisors LLC increased its position in shares of MYR Group by 10.0% during the third quarter. Nisa Investment Advisors LLC now owns 7,719 shares of the utilities provider’s stock worth $1,606,000 after purchasing an additional 704 shares in the last quarter. SG Americas Securities LLC purchased a new stake in MYR Group in the third quarter valued at about $1,516,000. Finally, Park Avenue Securities LLC purchased a new position in shares of MYR Group in the 3rd quarter valued at approximately $565,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Performance

Shares of MYRG stock opened at $244.60 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.11. MYR Group, Inc. has a 12-month low of $97.72 and a 12-month high of $263.48. The business’s 50 day moving average is $226.49 and its two-hundred day moving average is $206.97. The company has a market capitalization of $3.80 billion, a P/E ratio of 39.52 and a beta of 1.18.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.23. MYR Group had a return on equity of 16.65% and a net margin of 2.78%.The business had revenue of $950.40 million during the quarter, compared to the consensus estimate of $931.72 million. During the same period in the prior year, the company posted $0.65 EPS. The business’s quarterly revenue was up 7.0% on a year-over-year basis. Analysts expect that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Insiders Place Their Bets

In other MYR Group news, COO Don A. Egan sold 2,900 shares of the stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total transaction of $676,860.00. Following the transaction, the chief operating officer directly owned 5,797 shares of the company’s stock, valued at $1,353,019.80. This trade represents a 33.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on MYRG shares. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Stifel Nicolaus increased their price target on shares of MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a report on Thursday, October 9th. The Goldman Sachs Group raised their price target on shares of MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a research report on Friday, November 14th. Clear Str raised shares of MYR Group to a “strong-buy” rating in a report on Monday, December 15th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of MYR Group in a research report on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, MYR Group has an average rating of “Moderate Buy” and an average price target of $213.57.

About MYR Group

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.