Stifel Financial Corp Decreases Stock Holdings in MYR Group Inc. (NASDAQ:MYRG)

Stifel Financial Corp reduced its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 37.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,561 shares of the utilities provider’s stock after selling 2,707 shares during the quarter. Stifel Financial Corp’s holdings in MYR Group were worth $466,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of MYRG. DekaBank Deutsche Girozentrale purchased a new position in shares of MYR Group during the 3rd quarter valued at $116,000. Millburn Ridgefield Corp purchased a new position in shares of MYR Group in the third quarter worth about $130,000. Quest Partners LLC bought a new stake in shares of MYR Group in the third quarter valued at approximately $223,000. FMR LLC lifted its stake in shares of MYR Group by 90.2% during the 3rd quarter. FMR LLC now owns 2,336 shares of the utilities provider’s stock valued at $239,000 after buying an additional 1,108 shares in the last quarter. Finally, Aigen Investment Management LP bought a new position in MYR Group in the 3rd quarter worth approximately $334,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Wall Street Analyst Weigh In

MYRG has been the topic of a number of analyst reports. Robert W. Baird boosted their target price 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. Stifel Nicolaus increased their price objective on MYR Group from $153.00 to $172.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. The Goldman Sachs Group lifted their target price on MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a report on Monday, November 4th. Finally, StockNews.com raised shares of MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, MYR Group has an average rating of “Moderate Buy” and an average target price of $157.00.

MYR Group Price Performance

NASDAQ:MYRG opened at $150.07 on Friday. The firm has a market capitalization of $2.42 billion, a price-to-earnings ratio of 65.53 and a beta of 0.93. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. The stock has a fifty day moving average of $147.40 and a 200 day moving average of $127.95. MYR Group Inc. has a 52-week low of $86.60 and a 52-week high of $181.02.

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

MYR Group Company 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.