State of New Jersey Common Pension Fund D Has $2.13 Million Stock Holdings in MYR Group, Inc. $MYRG

State of New Jersey Common Pension Fund D trimmed its position in MYR Group, Inc. (NASDAQ:MYRG) by 16.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 9,728 shares of the utilities provider’s stock after selling 1,894 shares during the period. State of New Jersey Common Pension Fund D’s holdings in MYR Group were worth $2,126,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Farther Finance Advisors LLC raised its position in shares of MYR Group by 212.2% in the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 104 shares during the period. Signaturefd LLC raised its position in shares of MYR Group by 65.7% in the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after acquiring an additional 65 shares during the period. First Horizon Corp acquired a new stake in shares of MYR Group in the 3rd quarter valued at approximately $47,000. USA Financial Formulas acquired a new stake in shares of MYR Group in the 4th quarter valued at approximately $76,000. Finally, Johnson Financial Group Inc. acquired a new stake in shares of MYR Group in the 3rd quarter valued at approximately $74,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MYRG. Robert W. Baird set a $373.00 price target on shares of MYR Group in a research report on Thursday, April 30th. The Goldman Sachs Group increased their price target on shares of MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research report on Tuesday, March 3rd. Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research report on Monday, May 4th. Cantor Fitzgerald raised their target price on shares of MYR Group from $285.00 to $311.00 and gave the stock an “overweight” rating in a report on Monday, March 2nd. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a report on Tuesday, April 21st. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $292.71.

MYR Group Stock Performance

Shares of MYRG stock opened at $437.86 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31. The company has a market capitalization of $6.82 billion, a P/E ratio of 48.28 and a beta of 1.30. The company’s 50 day moving average price is $303.61 and its two-hundred day moving average price is $258.91. MYR Group, Inc. has a 52 week low of $152.93 and a 52 week high of $475.39.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, topping the consensus estimate of $2.09 by $0.90. The firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $932.45 million. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The business’s quarterly revenue was up 20.0% on a year-over-year basis. During the same period last year, the company posted $1.45 EPS. On average, analysts expect that MYR Group, Inc. will post 9.84 earnings per share for the current fiscal year.

About MYR Group

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.