Russell Investments Group Ltd. cut its holdings in shares of MYR Group Inc (NASDAQ:MYRG) by 8.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 42,682 shares of the utilities provider’s stock after selling 3,800 shares during the period. Russell Investments Group Ltd.’s holdings in MYR Group were worth $1,513,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MYRG. Swiss National Bank boosted its stake in shares of MYR Group by 5.5% during the first quarter. Swiss National Bank now owns 28,700 shares of the utilities provider’s stock valued at $885,000 after purchasing an additional 1,500 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of MYR Group by 15.8% during the first quarter. Schwab Charles Investment Management Inc. now owns 185,817 shares of the utilities provider’s stock valued at $5,727,000 after purchasing an additional 25,289 shares in the last quarter. Aperio Group LLC boosted its stake in shares of MYR Group by 10.8% during the first quarter. Aperio Group LLC now owns 31,467 shares of the utilities provider’s stock valued at $970,000 after purchasing an additional 3,056 shares in the last quarter. KBC Group NV boosted its stake in shares of MYR Group by 10.2% during the first quarter. KBC Group NV now owns 32,770 shares of the utilities provider’s stock valued at $1,010,000 after purchasing an additional 3,020 shares in the last quarter. Finally, BlackRock Inc. boosted its stake in shares of MYR Group by 1.1% during the first quarter. BlackRock Inc. now owns 2,187,795 shares of the utilities provider’s stock valued at $67,428,000 after purchasing an additional 24,503 shares in the last quarter. Hedge funds and other institutional investors own 87.67% of the company’s stock.

NASDAQ:MYRG opened at $32.05 on Friday. MYR Group Inc has a 52 week low of $28.55 and a 52 week high of $40.81. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.86 and a quick ratio of 1.86. The company has a market cap of $526.12 million, a P/E ratio of 39.57 and a beta of 0.50.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, August 1st. The utilities provider reported $0.41 EPS for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.03. MYR Group had a net margin of 2.18% and a return on equity of 7.81%. The company had revenue of $339.68 million during the quarter, compared to analysts’ expectations of $364.65 million. During the same quarter in the prior year, the company posted $0.07 earnings per share. MYR Group’s revenue for the quarter was down 4.6% compared to the same quarter last year. equities analysts anticipate that MYR Group Inc will post 1.86 EPS for the current fiscal year.

MYRG has been the topic of a number of recent research reports. BidaskClub downgraded shares of MYR Group from a “hold” rating to a “sell” rating in a research note on Wednesday, June 13th. Robert W. Baird reiterated a “buy” rating and set a $39.00 price objective on shares of MYR Group in a research note on Thursday, August 2nd. Zacks Investment Research cut shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 31st. ValuEngine cut shares of MYR Group from a “buy” rating to a “hold” rating in a research report on Friday, June 15th. Finally, Stifel Nicolaus increased their target price on shares of MYR Group from $37.00 to $41.00 and gave the company a “hold” rating in a research report on Tuesday, July 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $40.60.

MYR Group Company 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 and the renewable energy industries.

See Also: Return on Equity (ROE)

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Institutional Ownership by Quarter for MYR Group (NASDAQ:MYRG)

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