ProShare Advisors LLC Has $625,000 Stock Holdings in MYR Group, Inc. $MYRG

ProShare Advisors LLC lowered its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG) by 8.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,446 shares of the utilities provider’s stock after selling 325 shares during the period. ProShare Advisors LLC’s holdings in MYR Group were worth $625,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. HB Wealth Management LLC acquired a new stake in shares of MYR Group during the 2nd quarter worth approximately $224,000. Allspring Global Investments Holdings LLC grew its holdings in MYR Group by 29.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 48,685 shares of the utilities provider’s stock worth $8,797,000 after purchasing an additional 11,107 shares during the period. Vanguard Personalized Indexing Management LLC bought a new stake in MYR Group in the second quarter valued at $211,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of MYR Group during the first quarter valued at about $1,922,000. Finally, Nuveen LLC acquired a new position in shares of MYR Group during the first quarter valued at about $18,511,000. 88.90% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other MYR Group news, COO Don A. Egan sold 2,900 shares of the company’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total value of $676,860.00. Following the completion of the sale, the chief operating officer directly owned 5,797 shares of the company’s stock, valued at approximately $1,353,019.80. This represents a 33.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on MYRG shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a research report on Thursday, November 13th. Stifel Nicolaus boosted their price objective on MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a report on Thursday, October 9th. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a report on Monday. Jefferies Financial Group started coverage on shares of MYR Group in a research report on Friday, August 15th. They issued a “hold” rating and a $202.00 price target for the company. Finally, The Goldman Sachs Group upped their price objective on shares of MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a report on Friday, November 14th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, MYR Group presently has a consensus rating of “Hold” and an average price target of $201.67.

MYR Group Trading Up 0.7%

Shares of MYR Group stock opened at $221.72 on Wednesday. The company has a market capitalization of $3.44 billion, a P/E ratio of 35.82 and a beta of 1.24. The stock has a fifty day simple moving average of $206.45 and a 200 day simple moving average of $187.18. MYR Group, Inc. has a 12-month low of $97.72 and a 12-month high of $241.13. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.14.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.82 by $0.23. MYR Group had a net margin of 2.78% and a return on equity of 16.94%. The firm had revenue of $950.40 million for the quarter, compared to the consensus estimate of $931.72 million. During the same period in the previous year, the firm earned $0.65 EPS. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. On average, sell-side analysts anticipate that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

About MYR Group

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.