Maryland State Retirement & Pension System Sells 176 Shares of MYR Group Inc. (NASDAQ:MYRG)

Maryland State Retirement & Pension System reduced its stake in MYR Group Inc. (NASDAQ:MYRG) by 2.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,845 shares of the utilities provider’s stock after selling 176 shares during the quarter. Maryland State Retirement & Pension System’s holdings in MYR Group were worth $793,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Fidelis Capital Partners LLC bought a new position in MYR Group in the 1st quarter worth $48,000. Quest Partners LLC purchased a new position in MYR Group in the fourth quarter worth about $60,000. GAMMA Investing LLC grew its position in MYR Group by 37.8% in the first quarter. GAMMA Investing LLC now owns 598 shares of the utilities provider’s stock worth $106,000 after acquiring an additional 164 shares in the last quarter. Covestor Ltd grew its position in MYR Group by 23.7% in the first quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock worth $122,000 after acquiring an additional 132 shares in the last quarter. Finally, RiverPark Advisors LLC grew its position in MYR Group by 360.3% in the first quarter. RiverPark Advisors LLC now owns 893 shares of the utilities provider’s stock worth $158,000 after acquiring an additional 699 shares in the last quarter. 88.90% of the stock is owned by institutional investors.

MYR Group Stock Up 0.8 %

Shares of NASDAQ:MYRG opened at $100.80 on Monday. MYR Group Inc. has a 1 year low of $92.48 and a 1 year high of $181.02. The business has a 50 day simple moving average of $123.01 and a two-hundred day simple moving average of $146.61. The firm has a market capitalization of $1.66 billion, a PE ratio of 19.53 and a beta of 0.99. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.36 and a quick ratio of 1.36.

MYR Group (NASDAQ:MYRG) last posted 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). MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The company had revenue of $828.89 million for the quarter, compared to the consensus estimate of $876.07 million. During the same period in the prior year, the firm posted $1.33 EPS. The business’s revenue was down 6.7% on a year-over-year basis. On average, equities analysts predict that MYR Group Inc. will post 3.11 EPS for the current year.

Wall Street Analyst Weigh In

MYRG has been the subject of several recent research reports. Stifel Nicolaus dropped 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. Robert W. Baird dropped their target price on MYR Group from $170.00 to $143.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, MYR Group presently has a consensus rating of “Moderate Buy” and an average price target of $147.75.

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.