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

Intech Investment Management LLC trimmed its position in MYR Group, Inc. (NASDAQ:MYRG) by 25.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,209 shares of the utilities provider’s stock after selling 5,132 shares during the quarter. Intech Investment Management LLC owned about 0.10% of MYR Group worth $3,164,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in MYRG. Smartleaf Asset Management LLC raised its position in shares of MYR Group by 12.7% during the 3rd quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider’s stock valued at $86,000 after buying an additional 47 shares during the period. Bank of Montreal Can increased its stake in MYR Group by 1.4% during the second quarter. Bank of Montreal Can now owns 4,087 shares of the utilities provider’s stock worth $742,000 after acquiring an additional 56 shares during the last quarter. MAI Capital Management raised its position in MYR Group by 44.8% in the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 56 shares during the period. Inspire Investing LLC raised its position in MYR Group by 2.6% in the third quarter. Inspire Investing LLC now owns 2,198 shares of the utilities provider’s stock valued at $457,000 after purchasing an additional 56 shares during the period. Finally, PNC Financial Services Group Inc. lifted its stake in shares of MYR Group by 4.8% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,641 shares of the utilities provider’s stock valued at $298,000 after purchasing an additional 75 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Price Performance

MYR Group stock opened at $273.54 on Tuesday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.08. MYR Group, Inc. has a 52-week low of $97.72 and a 52-week high of $290.87. The firm has a market cap of $4.25 billion, a PE ratio of 36.33 and a beta of 1.15. The company’s 50 day moving average is $249.92 and its two-hundred day moving average is $221.23.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share 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 return on equity of 19.66% and a net margin of 3.24%.The company’s revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.99 earnings per share. On average, research analysts expect that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts 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. Zacks Research cut shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 30th. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 21st. Clear Str upgraded shares of MYR Group to a “strong-buy” rating in a report on Monday, December 15th. Finally, Stifel Nicolaus lifted their target price on shares of MYR Group from $237.00 to $262.00 and gave the company a “buy” rating in a report on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $222.43.

MYR Group 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.