Granite Investment Partners LLC Sells 667 Shares of MYR Group Inc. (NASDAQ:MYRG)

Granite Investment Partners LLC lowered its holdings in MYR Group Inc. (NASDAQ:MYRG) by 1.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 37,762 shares of the utilities provider’s stock after selling 667 shares during the period. Granite Investment Partners LLC owned approximately 0.23% of MYR Group worth $5,125,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Moloney Securities Asset Management LLC raised its holdings in MYR Group by 0.9% during the 1st quarter. Moloney Securities Asset Management LLC now owns 8,155 shares of the utilities provider’s stock valued at $1,441,000 after acquiring an additional 75 shares during the period. Louisiana State Employees Retirement System raised its stake in shares of MYR Group by 1.2% during the 2nd quarter. Louisiana State Employees Retirement System now owns 8,400 shares of the utilities provider’s stock valued at $1,140,000 after purchasing an additional 100 shares during the period. Janney Montgomery Scott LLC raised its stake in shares of MYR Group by 0.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 21,973 shares of the utilities provider’s stock valued at $3,884,000 after purchasing an additional 131 shares during the period. Covestor Ltd lifted its holdings in MYR Group by 23.7% during the 1st quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock worth $122,000 after purchasing an additional 132 shares in the last quarter. Finally, First National Bank of Hutchinson boosted its stake in MYR Group by 2.6% in the 1st quarter. First National Bank of Hutchinson now owns 6,231 shares of the utilities provider’s stock worth $1,101,000 after purchasing an additional 160 shares during the period. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Stifel Nicolaus decreased their price target on MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. The Goldman Sachs Group reduced their price objective on shares of MYR Group from $182.00 to $124.00 and set a “buy” rating for the company in a research note on Thursday. StockNews.com cut shares of MYR Group from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, Robert W. Baird reduced their price target on shares of MYR Group from $170.00 to $143.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $137.75.

MYR Group Stock Down 0.8 %

Shares of NASDAQ MYRG opened at $101.66 on Friday. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.06. The business has a 50-day moving average of $111.59 and a 200-day moving average of $140.39. The firm has a market capitalization of $1.70 billion, a price-to-earnings ratio of 19.70 and a beta of 0.93. MYR Group Inc. has a 12 month low of $86.60 and a 12 month high of $181.02.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($1.98). The company had revenue of $828.89 million during the quarter, compared to analysts’ expectations of $876.07 million. MYR Group had a return on equity of 7.65% and a net margin of 1.37%. MYR Group’s quarterly revenue was down 6.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.33 EPS. Sell-side analysts expect that MYR Group Inc. will post 0.91 earnings per share for the current fiscal year.

MYR Group Profile

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.