State of Alaska Department of Revenue Sells 423 Shares of MYR Group Inc. (NASDAQ:MYRG)

State of Alaska Department of Revenue reduced its stake in MYR Group Inc. (NASDAQ:MYRG) by 4.3% during the third quarter, Holdings Channel.com reports. The firm owned 9,421 shares of the utilities provider’s stock after selling 423 shares during the quarter. State of Alaska Department of Revenue’s holdings in MYR Group were worth $963,000 as of its most recent filing with the SEC.

A number of other institutional investors have also bought and sold shares of the business. DekaBank Deutsche Girozentrale purchased a new stake in MYR Group in the 3rd quarter worth $116,000. Assenagon Asset Management S.A. increased 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 worth $18,978,000 after buying an additional 147,598 shares in the last quarter. Jade Capital Advisors LLC purchased a new stake in MYR Group in the 3rd quarter worth $2,045,000. Allspring Global Investments Holdings LLC increased its stake in MYR Group by 2.4% in the 3rd 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 in the last quarter. Finally, Vontobel Holding Ltd. increased its stake in MYR Group by 44.5% in the 3rd quarter. Vontobel Holding Ltd. now owns 6,440 shares of the utilities provider’s stock worth $658,000 after buying an additional 1,984 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Up 3.8 %

Shares of NASDAQ:MYRG opened at $138.28 on Wednesday. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. MYR Group Inc. has a 12 month low of $86.60 and a 12 month high of $181.02. The company has a 50-day moving average price of $107.28 and a 200 day moving average price of $128.07. The company has a market cap of $2.23 billion, a price-to-earnings ratio of 60.38 and a beta of 0.89.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.40. The firm had revenue of $888.00 million during the quarter, compared to the consensus estimate of $917.18 million. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The firm’s revenue for the quarter was down 5.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.28 EPS. As a group, equities research analysts predict that MYR Group Inc. will post 0.88 earnings per share for the current year.

Analyst Upgrades and Downgrades

MYRG has been the subject of a number of analyst reports. The Goldman Sachs Group increased their price target on MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a research note on Monday. Robert W. Baird raised their price objective on MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. StockNews.com upgraded MYR Group from a “sell” rating to a “hold” rating in a research report on Monday. Finally, Stifel Nicolaus cut their price objective 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. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock 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.