Geode Capital Management LLC Sells 4,533 Shares of MYR Group Inc. (NASDAQ:MYRG)

Geode Capital Management LLC trimmed its position in shares of MYR Group Inc. (NASDAQ:MYRG) by 1.2% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 386,553 shares of the utilities provider’s stock after selling 4,533 shares during the quarter. Geode Capital Management LLC owned 2.40% of MYR Group worth $39,525,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of MYRG. Barclays PLC boosted its stake in shares of MYR Group by 192.2% during the 3rd quarter. Barclays PLC now owns 34,987 shares of the utilities provider’s stock worth $3,578,000 after purchasing an additional 23,013 shares during the period. Quadrature Capital Ltd boosted its position in shares of MYR Group by 41.0% during the third quarter. Quadrature Capital Ltd now owns 5,564 shares of the utilities provider’s stock valued at $569,000 after buying an additional 1,618 shares during the period. Millburn Ridgefield Corp bought a new position in shares of MYR Group during the third quarter valued at approximately $130,000. Needham Investment Management LLC purchased a new stake in shares of MYR Group in the third quarter worth approximately $2,556,000. Finally, Jacobs Levy Equity Management Inc. bought a new stake in shares of MYR Group during the 3rd quarter worth approximately $24,145,000. Institutional investors own 88.90% of the company’s stock.

MYR Group Stock Up 1.6 %

NASDAQ:MYRG opened at $152.30 on Wednesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. MYR Group Inc. has a 1-year low of $86.60 and a 1-year high of $181.02. The company has a 50-day moving average of $145.72 and a 200 day moving average of $127.58. The firm has a market cap of $2.46 billion, a PE ratio of 66.51 and a beta of 0.93.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.40. The firm had revenue of $888.00 million during the quarter, compared to analysts’ expectations of $917.18 million. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The company’s revenue was down 5.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.28 EPS. As a group, research analysts anticipate that MYR Group Inc. will post 1.16 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have commented on MYRG. Stifel Nicolaus increased their target price on MYR Group from $153.00 to $172.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. StockNews.com upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Robert W. Baird lifted their price objective on shares of MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Finally, The Goldman Sachs Group upped their target price on shares of MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, MYR Group has an average rating of “Moderate Buy” and an average target price of $157.00.

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.