MYR Group, Inc. $MYRG Holdings Cut by Thornburg Investment Management Inc.

Thornburg Investment Management Inc. decreased its stake in MYR Group, Inc. (NASDAQ:MYRG) by 15.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 82,696 shares of the utilities provider’s stock after selling 14,857 shares during the period. Thornburg Investment Management Inc. owned 0.53% of MYR Group worth $17,203,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in MYRG. Vanguard Group Inc. boosted its holdings in shares of MYR Group by 14.7% during the third quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock valued at $254,897,000 after acquiring an additional 157,157 shares during the period. Fisher Asset Management LLC increased its stake in shares of MYR Group by 12.7% in the second quarter. Fisher Asset Management LLC now owns 446,199 shares of the utilities provider’s stock valued at $80,963,000 after purchasing an additional 50,148 shares during the period. Principal Financial Group Inc. raised its holdings in shares of MYR Group by 1.2% during the third quarter. Principal Financial Group Inc. now owns 380,314 shares of the utilities provider’s stock valued at $79,117,000 after buying an additional 4,353 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of MYR Group by 97.4% during the second quarter. Bank of New York Mellon Corp now owns 350,478 shares of the utilities provider’s stock valued at $63,594,000 after buying an additional 172,962 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in MYR Group by 0.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock valued at $22,998,000 after acquiring an additional 1,437 shares during the period. 88.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on MYRG shares. Zacks Research lowered MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 30th. Clear Str raised shares of MYR Group to a “strong-buy” rating in a report on Monday, December 15th. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Weiss Ratings raised shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 22nd. Finally, Stifel Nicolaus boosted their price target on shares of MYR Group from $237.00 to $262.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $218.71.

MYR Group Price Performance

NASDAQ:MYRG opened at $274.01 on Thursday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.11. The business’s 50-day moving average price is $246.91 and its 200 day moving average price is $219.18. MYR Group, Inc. has a 52-week low of $97.72 and a 52-week high of $284.98. The firm has a market cap of $4.25 billion, a P/E ratio of 44.27 and a beta of 1.17.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.60. MYR Group had a net margin of 2.78% and a return on equity of 16.65%. The company had revenue of $973.54 million during the quarter, compared to analyst estimates of $897.73 million. During the same quarter last year, the firm posted $0.99 EPS. The business’s revenue for the quarter was up 17.3% on a year-over-year basis. As a group, sell-side analysts predict that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

MYR Group Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.