MYR Group Inc. (NASDAQ:MYRG) Shares Sold by Amalgamated Bank

Amalgamated Bank cut its stake in MYR Group Inc. (NASDAQ:MYRG) by 4.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor 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 & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Capital World Investors lifted its stake in shares of MYR Group by 578.4% during the first quarter. Capital World Investors now owns 974,748 shares of the utilities provider’s stock worth $172,287,000 after buying an additional 831,066 shares during the period. Swedbank AB acquired a new stake in MYR Group during the 1st quarter worth about $51,452,000. Assenagon Asset Management S.A. grew its stake in MYR Group by 387.9% during 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 purchasing an additional 147,598 shares during the last quarter. Millennium Management LLC grew its stake in MYR Group by 68.9% during the 2nd quarter. Millennium Management LLC now owns 171,329 shares of the utilities provider’s stock valued at $23,251,000 after purchasing an additional 69,886 shares during the last quarter. Finally, Driehaus Capital Management LLC increased its holdings in shares of MYR Group by 16.4% in the second quarter. Driehaus Capital Management LLC now owns 141,534 shares of the utilities provider’s stock valued at $19,208,000 after purchasing an additional 19,904 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Price Performance

Shares of NASDAQ MYRG opened at $146.81 on Friday. 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 firm’s 50 day simple moving average is $116.51 and its 200-day simple moving average is $127.23. MYR Group Inc. has a 12 month low of $86.60 and a 12 month high of $181.02. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of 64.11 and a beta of 0.89.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 EPS for the quarter, beating the consensus estimate of $0.25 by $0.40. The company had revenue of $888.00 million for the quarter, compared to analyst estimates 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 was down 5.5% on a year-over-year basis. During the same quarter last year, the business earned $1.28 earnings per share. Analysts expect that MYR Group Inc. will post 1.16 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on MYRG shares. The Goldman Sachs Group upped their target price on MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a research report on Monday, November 4th. StockNews.com upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. Robert W. Baird boosted their target price on shares of MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Finally, Stifel Nicolaus cut their price target on MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Three 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.com, MYR Group has an average rating of “Moderate Buy” and a consensus price target 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.