Victory Capital Management Inc. Sells 413,811 Shares of MYR Group Inc. (NASDAQ:MYRG)

Victory Capital Management Inc. decreased its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 95.9% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 17,704 shares of the utilities provider’s stock after selling 413,811 shares during the period. Victory Capital Management Inc. owned approximately 0.11% of MYR Group worth $1,810,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of MYRG. Principal Financial Group Inc. boosted its stake in MYR Group by 3.7% in the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock worth $44,113,000 after purchasing an additional 15,361 shares during the period. Swedbank AB acquired a new stake in MYR Group in the 1st quarter valued at about $51,452,000. TimesSquare Capital Management LLC raised its stake in MYR Group by 178.5% in the 3rd quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider’s stock valued at $21,794,000 after acquiring an additional 136,643 shares during the period. Assenagon Asset Management S.A. grew its stake in MYR Group by 387.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider’s stock valued at $18,978,000 after buying an additional 147,598 shares during the last quarter. Finally, Millennium Management LLC lifted its holdings in MYR Group by 68.9% during the 2nd quarter. Millennium Management LLC now owns 171,329 shares of the utilities provider’s stock worth $23,251,000 after purchasing an additional 69,886 shares during the last quarter. 88.90% of the stock is owned by institutional investors.

MYR Group Price Performance

MYR Group stock opened at $151.05 on Monday. The stock has a market cap of $2.43 billion, a P/E ratio of 65.96 and a beta of 0.89. MYR Group Inc. has a 52 week low of $86.60 and a 52 week high of $181.02. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. The company’s 50 day moving average price is $121.81 and its two-hundred day moving average price is $126.78.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share 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 the consensus estimate of $917.18 million. During the same quarter last year, the company earned $1.28 earnings per share. The company’s revenue was down 5.5% on a year-over-year basis. On average, equities analysts predict that MYR Group Inc. will post 1.16 earnings per share for the current year.

Analyst Ratings Changes

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

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.