Sheets Smith Wealth Management Has $1.23 Million Stock Holdings in MYR Group Inc. (NASDAQ:MYRG)

Sheets Smith Wealth Management reduced its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 21.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,502 shares of the utilities provider’s stock after selling 2,287 shares during the quarter. Sheets Smith Wealth Management owned 0.05% of MYR Group worth $1,230,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Victory Capital Management Inc. increased its position in MYR Group by 9.7% in the 4th quarter. Victory Capital Management Inc. now owns 272,876 shares of the utilities provider’s stock valued at $39,466,000 after acquiring an additional 24,135 shares during the period. American Century Companies Inc. boosted its position in shares of MYR Group by 5.3% during the 3rd quarter. American Century Companies Inc. now owns 228,947 shares of the utilities provider’s stock worth $30,853,000 after purchasing an additional 11,594 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in MYR Group by 1.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 216,423 shares of the utilities provider’s stock valued at $29,165,000 after acquiring an additional 2,143 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in MYR Group by 9.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 163,191 shares of the utilities provider’s stock valued at $21,992,000 after purchasing an additional 13,439 shares in the last quarter. Finally, Neumeier Poma Investment Counsel LLC raised its holdings in shares of MYR Group by 8.0% in the 3rd quarter. Neumeier Poma Investment Counsel LLC now owns 157,077 shares of the utilities provider’s stock worth $21,168,000 after acquiring an additional 11,670 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have issued reports on MYRG shares. Stifel Nicolaus decreased their target price on MYR Group from $185.00 to $184.00 and set a “buy” rating for the company in a research report on Tuesday, April 16th. KeyCorp assumed coverage on MYR Group in a report on Wednesday, January 10th. They issued a “sector weight” rating on the stock. Robert W. Baird decreased their price target on shares of MYR Group from $185.00 to $180.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, Sidoti cut MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price objective for the company. in a report on Monday, February 26th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $173.25.

MYR Group Trading Up 4.9 %

Shares of NASDAQ:MYRG traded up $7.08 on Monday, reaching $151.00. 72,633 shares of the company traded hands, compared to its average volume of 136,762. The stock has a market capitalization of $2.53 billion, a P/E ratio of 27.89 and a beta of 1.10. The business’s 50-day simple moving average is $165.49 and its 200 day simple moving average is $146.76. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.05. MYR Group Inc. has a 52 week low of $110.87 and a 52 week high of $181.02.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.10. MYR Group had a return on equity of 13.64% and a net margin of 2.38%. The business had revenue of $815.56 million for the quarter, compared to analyst estimates of $854.13 million. During the same period last year, the company earned $1.38 EPS. MYR Group’s revenue for the quarter was up .5% compared to the same quarter last year. As a group, equities analysts anticipate that MYR Group Inc. will post 6.64 EPS for the current fiscal year.

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.