Mercer Global Advisors Inc. ADV Boosts Stake in MYR Group Inc. (NASDAQ:MYRG)

Mercer Global Advisors Inc. ADV grew its holdings in MYR Group Inc. (NASDAQ:MYRG) by 0.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 28,000 shares of the utilities provider’s stock after purchasing an additional 160 shares during the period. Mercer Global Advisors Inc. ADV owned approximately 0.17% of MYR Group worth $3,800,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of MYRG. Moloney Securities Asset Management LLC boosted its stake in MYR Group by 0.9% during the first quarter. Moloney Securities Asset Management LLC now owns 8,155 shares of the utilities provider’s stock worth $1,441,000 after buying an additional 75 shares during the period. Louisiana State Employees Retirement System boosted its position 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 worth $1,140,000 after purchasing an additional 100 shares during the period. Janney Montgomery Scott LLC increased its holdings in MYR Group by 0.6% in 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 last quarter. Covestor Ltd increased its holdings in MYR Group by 23.7% in the 1st quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock valued at $122,000 after purchasing an additional 132 shares during the last quarter. Finally, First National Bank of Hutchinson raised its position in MYR Group by 2.6% in the first quarter. First National Bank of Hutchinson now owns 6,231 shares of the utilities provider’s stock valued at $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.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MYRG. The Goldman Sachs Group lowered their price target on MYR Group from $182.00 to $124.00 and set a “buy” rating for the company in a research report on Thursday. Robert W. Baird lowered their target price on MYR Group from $170.00 to $143.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. StockNews.com lowered shares of MYR Group from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, Stifel Nicolaus reduced their price target on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. 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 company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $137.75.

MYR Group Trading Down 0.8 %

MYRG opened at $101.66 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.36 and a quick ratio of 1.36. The stock has a market capitalization of $1.70 billion, a price-to-earnings ratio of 19.70 and a beta of 0.93. The business has a fifty day moving average price of $110.70 and a 200 day moving average price of $139.79. MYR Group Inc. has a 12 month low of $86.60 and a 12 month high of $181.02.

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