JPMorgan Chase & Co. reduced its holdings in MYR Group Inc. (NASDAQ:MYRG – Free Report) by 2.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 233,522 shares of the utilities provider’s stock after selling 4,813 shares during the period. JPMorgan Chase & Co. owned approximately 1.45% of MYR Group worth $23,873,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also recently made changes to their positions in the business. State of New Jersey Common Pension Fund D grew its position in MYR Group by 66.5% in the third quarter. State of New Jersey Common Pension Fund D now owns 19,161 shares of the utilities provider’s stock worth $1,959,000 after acquiring an additional 7,655 shares in the last quarter. Fisher Asset Management LLC lifted its stake in shares of MYR Group by 11.1% in the 3rd quarter. Fisher Asset Management LLC now owns 37,752 shares of the utilities provider’s stock valued at $3,859,000 after purchasing an additional 3,759 shares during the last quarter. Walleye Capital LLC boosted its holdings in shares of MYR Group by 422.6% in the 3rd quarter. Walleye Capital LLC now owns 43,985 shares of the utilities provider’s stock worth $4,497,000 after purchasing an additional 35,569 shares during the period. Principal Financial Group Inc. increased its position in shares of MYR Group by 3.7% during the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock valued at $44,113,000 after purchasing an additional 15,361 shares during the last quarter. Finally, FORA Capital LLC purchased a new stake in MYR Group during the 3rd quarter valued at $417,000. 88.90% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several research analysts have commented on the stock. StockNews.com raised shares of MYR Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. The Goldman Sachs Group lifted their price target 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. Stifel Nicolaus upped their price target on shares of MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. Finally, Robert W. Baird raised their price objective on shares of MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $157.00.
MYR Group Stock Up 1.4 %
Shares of MYRG opened at $145.59 on Thursday. The firm has a market capitalization of $2.35 billion, a P/E ratio of 63.58 and a beta of 0.96. MYR Group Inc. has a 12-month low of $86.60 and a 12-month high of $181.02. The firm has a fifty day moving average price of $152.36 and a 200-day moving average price of $128.24. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15.
MYR Group (NASDAQ:MYRG – Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.40. The company 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 firm’s quarterly revenue was down 5.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.28 EPS. Equities research analysts expect that MYR Group Inc. will post 1.16 earnings per share for the current 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.
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