MYR Group, Inc. $MYRG Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its holdings in MYR Group, Inc. (NASDAQ:MYRG) by 5.2% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 190,445 shares of the utilities provider’s stock after selling 10,413 shares during the quarter. JPMorgan Chase & Co. owned about 1.23% of MYR Group worth $39,618,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in MYRG. CWA Asset Management Group LLC acquired a new stake in MYR Group during the third quarter worth approximately $1,506,000. Russell Investments Group Ltd. boosted its holdings in shares of MYR Group by 22.4% in the 2nd quarter. Russell Investments Group Ltd. now owns 75,878 shares of the utilities provider’s stock valued at $13,768,000 after buying an additional 13,889 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of MYR Group by 14.7% in the 3rd quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock valued at $254,897,000 after buying an additional 157,157 shares in the last quarter. XTX Topco Ltd grew its position in shares of MYR Group by 110.0% in the 2nd quarter. XTX Topco Ltd now owns 9,593 shares of the utilities provider’s stock valued at $1,741,000 after buying an additional 5,024 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in MYR Group during the 3rd quarter worth $1,516,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on MYRG shares. 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. The Goldman Sachs Group boosted their target price on MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a report on Tuesday, March 3rd. Clear Str raised MYR Group to a “strong-buy” rating in a research report on Monday, December 15th. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Finally, Cantor Fitzgerald increased their target price on shares of MYR Group from $285.00 to $311.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $235.43.

MYR Group Stock Down 5.1%

Shares of NASDAQ:MYRG opened at $259.68 on Friday. MYR Group, Inc. has a fifty-two week low of $97.72 and a fifty-two week high of $290.87. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.08. The firm’s 50-day simple moving average is $261.34 and its 200-day simple moving average is $228.94. The company has a market cap of $4.04 billion, a price-to-earnings ratio of 34.49 and a beta of 1.15.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, February 25th. The utilities provider reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $0.60. MYR Group had a net margin of 3.24% and a return on equity of 19.66%. The firm had revenue of $973.54 million during the quarter, compared to the consensus estimate of $897.73 million. During the same quarter last year, the firm earned $0.99 earnings per share. The firm’s revenue was up 17.3% compared to the same quarter last year. As a group, equities research analysts predict that MYR Group, Inc. will post 1.16 earnings per share for the current year.

MYR Group Company Profile

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.