Allspring Global Investments Holdings LLC Has $5.10 Million Position in MYR Group, Inc. $MYRG

Allspring Global Investments Holdings LLC reduced its holdings in MYR Group, Inc. (NASDAQ:MYRG) by 19.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 22,511 shares of the utilities provider’s stock after selling 5,411 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.15% of MYR Group worth $5,104,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CWA Asset Management Group LLC acquired a new stake in shares of MYR Group in the third quarter valued at about $1,506,000. Vanguard Group Inc. grew its position in MYR Group by 14.7% during the third quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock worth $254,897,000 after buying an additional 157,157 shares in the last quarter. SG Americas Securities LLC acquired a new stake in MYR Group during the third quarter worth about $1,516,000. Fisher Asset Management LLC grew its position in MYR Group by 0.9% during the third quarter. Fisher Asset Management LLC now owns 450,402 shares of the utilities provider’s stock worth $93,697,000 after buying an additional 4,203 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd grew its position in MYR Group by 557.5% during the third quarter. Y Intercept Hong Kong Ltd now owns 23,952 shares of the utilities provider’s stock worth $4,983,000 after buying an additional 20,309 shares in the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on MYRG shares. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. The Goldman Sachs Group lifted their target price on MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 3rd. Weiss Ratings raised MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 22nd. Cantor Fitzgerald lifted their target price on MYR Group from $285.00 to $311.00 and gave the stock an “overweight” rating in a research report on Monday, March 2nd. Finally, Stifel Nicolaus lifted their target price on MYR Group from $262.00 to $305.00 and gave the stock a “buy” rating in a research report on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $235.43.

MYR Group Stock Up 0.8%

Shares of MYRG opened at $288.06 on Tuesday. The stock has a market cap of $4.48 billion, a price-to-earnings ratio of 38.26 and a beta of 1.07. 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, Inc. has a 12 month low of $99.04 and a 12 month high of $296.94. The company has a 50-day moving average price of $269.35 and a two-hundred day moving average price of $237.18.

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

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.