MYR Group Inc. (NASDAQ:MYRG) Position Trimmed by Vontobel Holding Ltd.

Vontobel Holding Ltd. reduced its holdings in MYR Group Inc. (NASDAQ:MYRG) by 22.8% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 5,216 shares of the utilities provider’s stock after selling 1,537 shares during the period. Vontobel Holding Ltd.’s holdings in MYR Group were worth $754,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Citigroup Inc. lifted its holdings in MYR Group by 1.7% in the first quarter. Citigroup Inc. now owns 24,928 shares of the utilities provider’s stock worth $2,345,000 after acquiring an additional 420 shares during the last quarter. MetLife Investment Management LLC raised its position in shares of MYR Group by 60.4% during the 1st quarter. MetLife Investment Management LLC now owns 8,853 shares of the utilities provider’s stock worth $833,000 after purchasing an additional 3,332 shares during the period. Rhumbline Advisers boosted its position in MYR Group by 2.3% during the 1st quarter. Rhumbline Advisers now owns 42,488 shares of the utilities provider’s stock valued at $3,996,000 after purchasing an additional 941 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in MYR Group by 14.1% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 14,544 shares of the utilities provider’s stock valued at $1,368,000 after purchasing an additional 1,794 shares during the period. Finally, BlackRock Inc. grew its stake in MYR Group by 2.7% during the 1st quarter. BlackRock Inc. now owns 2,922,873 shares of the utilities provider’s stock worth $274,868,000 after buying an additional 77,662 shares during the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Trading Down 0.1 %

NASDAQ:MYRG opened at $158.71 on Monday. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of 29.28 and a beta of 1.08. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.37 and a current ratio of 1.37. MYR Group Inc. has a 1 year low of $110.87 and a 1 year high of $181.02. The business has a fifty day moving average of $164.37 and a 200-day moving average of $144.65.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, February 28th. The utilities provider reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.02. The business had revenue of $1 billion during the quarter, compared to the consensus estimate of $904.76 million. MYR Group had a net margin of 2.50% and a return on equity of 14.80%. The company’s quarterly revenue was up 16.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.46 earnings per share. Equities analysts predict that MYR Group Inc. will post 6.64 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MYRG. KeyCorp initiated coverage on MYR Group in a research note on Wednesday, January 10th. They issued a “sector weight” rating on the stock. Stifel Nicolaus reduced their target price on shares of MYR Group from $185.00 to $184.00 and set a “buy” rating for the company in a research note on Tuesday, April 16th. Finally, Sidoti cut shares of MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 target price for the company. in a research report on Monday, February 26th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $170.75.

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.