Amalgamated Bank Decreases Position in MYR Group Inc. (NASDAQ:MYRG)

Amalgamated Bank cut its stake in shares of MYR Group Inc. (NASDAQ:MYRG) by 4.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,897 shares of the utilities provider’s stock after selling 215 shares during the period. Amalgamated Bank’s holdings in MYR Group were worth $501,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. US Bancorp DE raised its holdings in shares of MYR Group by 2,187.8% in the third quarter. US Bancorp DE now owns 5,422 shares of the utilities provider’s stock worth $554,000 after buying an additional 5,185 shares during the period. DekaBank Deutsche Girozentrale purchased a new stake in shares of MYR Group in the third quarter worth approximately $116,000. Assenagon Asset Management S.A. raised its holdings in shares of MYR Group by 387.9% in the third quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider’s stock worth $18,978,000 after buying an additional 147,598 shares during the period. Jade Capital Advisors LLC purchased a new stake in shares of MYR Group in the third quarter worth approximately $2,045,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of MYR Group by 2.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 30,645 shares of the utilities provider’s stock worth $3,133,000 after buying an additional 728 shares during the period. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

MYR Group Stock Performance

Shares of MYR Group stock opened at $146.81 on Friday. The company has a market capitalization of $2.37 billion, a PE ratio of 64.11 and a beta of 0.89. The company has a 50-day simple moving average of $116.51 and a two-hundred day simple moving average of $127.23. MYR Group Inc. has a one year low of $86.60 and a one year high of $181.02. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35.

MYR Group (NASDAQ:MYRG) last posted 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. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The firm had revenue of $888.00 million during the quarter, compared to analyst estimates of $917.18 million. During the same quarter in the previous year, the business posted $1.28 EPS. MYR Group’s revenue was down 5.5% on a year-over-year basis. Research analysts expect that MYR Group Inc. will post 1.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Robert W. Baird raised their price objective on MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. StockNews.com upgraded MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. The Goldman Sachs Group raised their price objective on MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Finally, Stifel Nicolaus reduced their price objective on MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.75.

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.