MYR Group, Inc. $MYRG Shares Sold by DekaBank Deutsche Girozentrale

DekaBank Deutsche Girozentrale cut its position in MYR Group, Inc. (NASDAQ:MYRG) by 30.2% during the 2nd quarter, HoldingsChannel reports. The firm owned 1,132 shares of the utilities provider’s stock after selling 490 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in MYR Group were worth $206,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MYRG. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in MYR Group by 214.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 302,549 shares of the utilities provider’s stock valued at $34,215,000 after purchasing an additional 206,369 shares during the period. Nuveen LLC acquired a new position in MYR Group during the 1st quarter valued at about $18,511,000. Hawk Ridge Capital Management LP boosted its stake in MYR Group by 30.1% during the 1st quarter. Hawk Ridge Capital Management LP now owns 298,436 shares of the utilities provider’s stock valued at $33,750,000 after purchasing an additional 69,100 shares during the period. Trexquant Investment LP acquired a new position in MYR Group during the 1st quarter valued at about $6,937,000. Finally, TimesSquare Capital Management LLC boosted its stake in MYR Group by 40.3% during the 1st quarter. TimesSquare Capital Management LLC now owns 168,257 shares of the utilities provider’s stock valued at $19,028,000 after purchasing an additional 48,324 shares during the period. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Stock Up 5.0%

NASDAQ MYRG opened at $219.63 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.33 and a quick ratio of 1.33. The company’s 50 day simple moving average is $192.07 and its 200 day simple moving average is $174.13. MYR Group, Inc. has a 12 month low of $97.72 and a 12 month high of $221.17. The company has a market capitalization of $3.41 billion, a P/E ratio of 45.85 and a beta of 1.19.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, July 30th. The utilities provider reported $1.70 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.14. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The business had revenue of $900.33 million for the quarter, compared to the consensus estimate of $828.20 million. During the same period in the previous year, the firm earned ($0.91) EPS. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. Equities research analysts expect that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on MYRG shares. The Goldman Sachs Group boosted their target price on shares of MYR Group from $168.00 to $205.00 and gave the company a “neutral” rating in a research note on Thursday, August 7th. Weiss Ratings reissued a “hold (c+)” rating on shares of MYR Group in a research note on Saturday. Wall Street Zen lowered shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Friday, October 3rd. Stifel Nicolaus boosted their price target on shares of MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a research report on Thursday, October 9th. Finally, KeyCorp restated a “sector weight” rating on shares of MYR Group in a research report on Wednesday, October 1st. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $194.50.

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.