Truist Financial Corp Sells 260 Shares of MYR Group Inc. (NASDAQ:MYRG)

Truist Financial Corp lessened its stake in MYR Group Inc. (NASDAQ:MYRG) by 9.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,397 shares of the utilities provider’s stock after selling 260 shares during the quarter. Truist Financial Corp’s holdings in MYR Group were worth $325,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Capital World Investors increased its position in MYR Group by 578.4% in the first quarter. Capital World Investors now owns 974,748 shares of the utilities provider’s stock worth $172,287,000 after buying an additional 831,066 shares during the last quarter. Swedbank AB purchased a new stake in MYR Group in the 1st quarter worth about $51,452,000. F M Investments LLC purchased a new stake in MYR Group in the 2nd quarter worth about $10,800,000. Millennium Management LLC raised its stake in MYR Group by 68.9% in the 2nd quarter. Millennium Management LLC now owns 171,329 shares of the utilities provider’s stock valued at $23,251,000 after acquiring an additional 69,886 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new stake in MYR Group during the second quarter valued at about $5,163,000. Institutional investors own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MYRG. StockNews.com downgraded shares of MYR Group from a “hold” rating to a “sell” rating in a research note on Wednesday, September 18th. Robert W. Baird reduced their price objective on shares of MYR Group from $170.00 to $143.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. The Goldman Sachs Group dropped their target price on MYR Group from $182.00 to $124.00 and set a “buy” rating on the stock in a research report on Thursday, September 19th. Finally, Stifel Nicolaus reduced their price target on MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a research report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, MYR Group presently has an average rating of “Hold” and a consensus price target of $137.75.

MYR Group Stock Performance

MYR Group stock opened at $123.75 on Friday. MYR Group Inc. has a 1-year low of $86.60 and a 1-year high of $181.02. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $2.07 billion, a PE ratio of 23.98 and a beta of 0.93. The firm’s 50 day simple moving average is $103.14 and its 200 day simple moving average is $132.36.

MYR Group (NASDAQ:MYRG) last released its quarterly 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 the consensus estimate of $876.07 million. MYR Group had a return on equity of 7.65% and a net margin of 1.37%. The company’s revenue for the quarter was down 6.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.33 EPS. As a group, analysts expect that MYR Group Inc. will post 0.91 earnings per share for the current fiscal year.

MYR Group 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.