American Century Companies Inc. Sells 12,397 Shares of MYR Group Inc. (NASDAQ:MYRG)

American Century Companies Inc. lowered its stake in shares of MYR Group Inc. (NASDAQ:MYRG) by 5.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 197,041 shares of the utilities provider’s stock after selling 12,397 shares during the quarter. American Century Companies Inc. owned 1.18% of MYR Group worth $26,740,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of MYRG. Charles Schwab Investment Management Inc. increased its position in MYR Group by 0.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 217,313 shares of the utilities provider’s stock valued at $31,430,000 after acquiring an additional 890 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in MYR Group by 8.9% during the 4th quarter. Janney Montgomery Scott LLC now owns 21,842 shares of the utilities provider’s stock valued at $3,159,000 after purchasing an additional 1,787 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in MYR Group in the 4th quarter worth about $338,000. Trexquant Investment LP purchased a new stake in MYR Group in the 4th quarter worth about $1,017,000. Finally, Quest Partners LLC bought a new stake in MYR Group in the fourth quarter worth about $60,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Performance

MYR Group stock opened at $97.88 on Thursday. MYR Group Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $181.02. The company has a market capitalization of $1.64 billion, a PE ratio of 19.32 and a beta of 0.93. The company has a 50 day moving average price of $113.16 and a 200-day moving average price of $140.96. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.36 and a current ratio of 1.36.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share for the quarter, missing the consensus estimate of $1.07 by ($1.98). The firm 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% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.33 earnings per share. As a group, equities analysts forecast that MYR Group Inc. will post 0.91 earnings per share for the current year.

Analyst Upgrades and Downgrades

MYRG has been the topic of a number of analyst reports. StockNews.com cut MYR Group from a “hold” rating to a “sell” rating in a research note on Wednesday. Stifel Nicolaus cut their price objective 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. Finally, Robert W. Baird reduced their target price on MYR Group from $170.00 to $143.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $147.75.

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.