Intech Investment Management LLC Cuts Position in MYR Group, Inc. $MYRG

Intech Investment Management LLC decreased its position in MYR Group, Inc. (NASDAQ:MYRG) by 25.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,209 shares of the utilities provider’s stock after selling 5,132 shares during the quarter. Intech Investment Management LLC’s holdings in MYR Group were worth $3,164,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MYRG. Bank of New York Mellon Corp increased its position in shares of MYR Group by 97.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 350,478 shares of the utilities provider’s stock valued at $63,594,000 after purchasing an additional 172,962 shares during the last quarter. Vanguard Group Inc. grew its stake 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 worth $254,897,000 after purchasing an additional 157,157 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in MYR Group by 154.2% in the third quarter. Assenagon Asset Management S.A. now owns 148,455 shares of the utilities provider’s stock valued at $30,883,000 after buying an additional 90,051 shares during the last quarter. Adage Capital Partners GP L.L.C. acquired a new stake in MYR Group in the second quarter valued at $13,609,000. Finally, Boston Partners raised its stake in MYR Group by 70.0% in the second quarter. Boston Partners now owns 151,839 shares of the utilities provider’s stock valued at $27,553,000 after buying an additional 62,515 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Price Performance

Shares of NASDAQ MYRG opened at $273.54 on Tuesday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.08. MYR Group, Inc. has a twelve month low of $97.72 and a twelve month high of $290.87. The stock has a 50 day moving average of $249.92 and a two-hundred day moving average of $221.23. The stock has a market cap of $4.25 billion, a P/E ratio of 36.33 and a beta of 1.15.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.73 by $0.60. The business had revenue of $973.54 million for the quarter, compared to analyst estimates of $897.73 million. MYR Group had a net margin of 3.24% and a return on equity of 19.66%. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period last year, the firm posted $0.99 earnings per share. On average, research analysts forecast that MYR Group, Inc. will post 1.16 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Weiss Ratings raised MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 22nd. Cantor Fitzgerald boosted their target price on MYR Group from $285.00 to $311.00 and gave the stock an “overweight” rating in a research note on Monday. Clear Str upgraded shares of MYR Group to a “strong-buy” rating in a research note on Monday, December 15th. Stifel Nicolaus raised their price objective on shares of MYR Group from $237.00 to $262.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Finally, Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, MYR Group currently has a consensus rating of “Moderate Buy” and an average target price of $222.43.

MYR Group Company 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.