State Street Corp Trims Stock Position in MYR Group Inc. (NASDAQ:MYRG)

State Street Corp trimmed its holdings in MYR Group Inc. (NASDAQ:MYRG) by 0.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 623,564 shares of the utilities provider’s stock after selling 141 shares during the period. State Street Corp owned approximately 3.87% of MYR Group worth $63,747,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. RiverPark Advisors LLC grew its holdings in shares of MYR Group by 21.9% during the 2nd quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider’s stock worth $148,000 after purchasing an additional 196 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in MYR Group during the third quarter worth about $116,000. Millburn Ridgefield Corp acquired a new stake in shares of MYR Group during the third quarter valued at about $130,000. Quest Partners LLC purchased a new stake in shares of MYR Group in the 3rd quarter valued at approximately $223,000. Finally, FMR LLC lifted its holdings in shares of MYR Group by 90.2% in the 3rd quarter. FMR LLC now owns 2,336 shares of the utilities provider’s stock worth $239,000 after acquiring an additional 1,108 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

Analysts Set New Price Targets

MYRG has been the subject of several research reports. StockNews.com upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Stifel Nicolaus boosted their price objective on MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. Robert W. Baird raised their target price on MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Finally, The Goldman Sachs Group boosted their price target on shares of MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $157.00.

MYR Group Price Performance

Shares of NASDAQ MYRG opened at $153.98 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. The company has a market cap of $2.48 billion, a price-to-earnings ratio of 67.24 and a beta of 0.93. The stock’s 50-day moving average is $142.99 and its two-hundred day moving average is $127.70. MYR Group Inc. has a 1-year low of $86.60 and a 1-year high of $181.02.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $917.18 million. During the same period in the prior year, the firm earned $1.28 earnings per share. The business’s quarterly revenue was down 5.5% compared to the same quarter last year. Analysts forecast that MYR Group Inc. will post 1.16 EPS for the current fiscal year.

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.