JPMorgan Chase & Co. trimmed its position in shares of MYR Group Inc (NASDAQ:MYRG) by 5.8% in the third quarter, HoldingsChannel.com reports. The firm owned 491,088 shares of the utilities provider’s stock after selling 30,161 shares during the period. JPMorgan Chase & Co.’s holdings in MYR Group were worth $16,029,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also recently bought and sold shares of MYRG. BlackRock Inc. lifted its stake in shares of MYR Group by 9.1% in the 2nd quarter. BlackRock Inc. now owns 2,387,839 shares of the utilities provider’s stock worth $84,673,000 after acquiring an additional 200,044 shares during the period. Victory Capital Management Inc. lifted its stake in shares of MYR Group by 11.2% in the 3rd quarter. Victory Capital Management Inc. now owns 1,432,876 shares of the utilities provider’s stock worth $46,769,000 after acquiring an additional 144,858 shares during the period. Macquarie Group Ltd. lifted its stake in shares of MYR Group by 11.8% in the 2nd quarter. Macquarie Group Ltd. now owns 1,119,841 shares of the utilities provider’s stock worth $39,710,000 after acquiring an additional 117,864 shares during the period. Northern Trust Corp lifted its stake in shares of MYR Group by 5.8% in the 2nd quarter. Northern Trust Corp now owns 225,540 shares of the utilities provider’s stock worth $7,998,000 after acquiring an additional 12,393 shares during the period. Finally, Schwab Charles Investment Management Inc. lifted its stake in shares of MYR Group by 5.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 195,941 shares of the utilities provider’s stock worth $6,949,000 after acquiring an additional 10,124 shares during the period. 89.60% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have recently weighed in on the stock. BidaskClub lowered shares of MYR Group from a “hold” rating to a “sell” rating in a research note on Friday. Macquarie raised shares of MYR Group to a “buy” rating in a research note on Thursday. Citigroup lowered shares of MYR Group to a “sell” rating in a research note on Monday, November 5th. Zacks Investment Research lowered shares of MYR Group from a “hold” rating to a “sell” rating in a research note on Saturday, November 3rd. Finally, Robert W. Baird set a $36.00 price target on shares of MYR Group and gave the stock a “hold” rating in a research note on Thursday, November 1st. Three analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $40.00.
MYRG stock opened at $29.23 on Friday. MYR Group Inc has a 12 month low of $28.28 and a 12 month high of $40.81. The company has a market cap of $481.70 million, a P/E ratio of 36.09 and a beta of 0.36. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.28.
MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, October 31st. The utilities provider reported $0.48 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.06). MYR Group had a net margin of 2.33% and a return on equity of 8.49%. The business had revenue of $399.50 million for the quarter, compared to analyst estimates of $404.01 million. During the same period in the prior year, the company earned $0.31 earnings per share. The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. Equities analysts predict that MYR Group Inc will post 1.74 earnings per share for the current fiscal year.
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MYR Group 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.
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