Choreo LLC Reduces Stake in MYR Group, Inc. $MYRG

Choreo LLC lowered its position in MYR Group, Inc. (NASDAQ:MYRG) by 68.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,137 shares of the utilities provider’s stock after selling 2,456 shares during the period. Choreo LLC’s holdings in MYR Group were worth $237,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. MAI Capital Management lifted its holdings in MYR Group by 44.8% in the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 56 shares during the period. Elevation Point Wealth Partners LLC bought a new stake in shares of MYR Group during the 2nd quarter valued at about $34,000. Salomon & Ludwin LLC purchased a new stake in shares of MYR Group during the 3rd quarter valued at about $34,000. First Horizon Corp purchased a new stake in shares of MYR Group during the 3rd quarter valued at about $47,000. Finally, Smartleaf Asset Management LLC lifted its stake in shares of MYR Group by 12.7% in the 3rd quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider’s stock worth $86,000 after purchasing an additional 47 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Price Performance

MYRG stock opened at $260.90 on Monday. MYR Group, Inc. has a 52 week low of $97.72 and a 52 week high of $290.87. The firm has a market capitalization of $4.05 billion, a P/E ratio of 34.65 and a beta of 1.15. The company has a fifty day simple moving average of $253.29 and a two-hundred day simple moving average of $223.67. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.08.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.73 by $0.60. The firm had revenue of $973.54 million for the quarter, compared to the consensus estimate of $897.73 million. MYR Group had a net margin of 3.24% and a return on equity of 19.66%. The business’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.99 EPS. Analysts anticipate that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Cantor Fitzgerald raised their price objective on shares of MYR Group from $285.00 to $311.00 and gave the stock an “overweight” rating in a report on Monday, March 2nd. Clear Str raised shares of MYR Group to a “strong-buy” rating in a report on Monday, December 15th. Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. Weiss Ratings raised shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 22nd. Finally, The Goldman Sachs Group upped their price objective on MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $235.43.

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.