State Street Corp Reduces Stake in MYR Group Inc. (NASDAQ:MYRG)

State Street Corp decreased its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 0.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 623,564 shares of the utilities provider’s stock after selling 141 shares during the quarter. State Street Corp’s holdings in MYR Group were worth $63,747,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. purchased a new position in shares of MYR Group during the third quarter worth about $24,145,000. Assenagon Asset Management S.A. increased its position in MYR Group by 387.9% during the third 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 during the period. TimesSquare Capital Management LLC lifted its stake in MYR Group by 178.5% in the third quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider’s stock valued at $21,794,000 after buying an additional 136,643 shares during the last quarter. F M Investments LLC acquired a new stake in shares of MYR Group in the second quarter valued at approximately $10,800,000. Finally, Millennium Management LLC grew its position in shares of MYR Group by 68.9% during the second quarter. Millennium Management LLC now owns 171,329 shares of the utilities provider’s stock worth $23,251,000 after acquiring an additional 69,886 shares during the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Price Performance

Shares of NASDAQ:MYRG opened at $153.98 on Thursday. MYR Group Inc. has a 52 week low of $86.60 and a 52 week high of $181.02. The company has a 50-day moving average price of $142.99 and a 200 day moving average price of $127.70. The company has a market cap of $2.48 billion, a P/E ratio of 67.24 and a beta of 0.93. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15.

MYR Group (NASDAQ:MYRG) last posted 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. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The business had revenue of $888.00 million during the quarter, compared to analysts’ expectations of $917.18 million. During the same period last year, the firm earned $1.28 EPS. The company’s quarterly revenue was down 5.5% compared to the same quarter last year. Research analysts predict that MYR Group Inc. will post 1.16 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently commented on MYRG. Stifel Nicolaus upped their price target on shares of MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. Robert W. Baird upped their target price on shares of MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. The Goldman Sachs Group raised their price target on MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Finally, StockNews.com upgraded 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. Based on data from MarketBeat.com, MYR Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $157.00.

MYR Group Company 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.