State of New Jersey Common Pension Fund D Sells 1,894 Shares of MYR Group, Inc. $MYRG

State of New Jersey Common Pension Fund D lowered its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 16.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,728 shares of the utilities provider’s stock after selling 1,894 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.06% of MYR Group worth $2,126,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC grew its holdings in MYR Group by 212.2% during the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 104 shares during the last quarter. Signaturefd LLC grew its holdings in MYR Group by 65.7% during the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock worth $36,000 after acquiring an additional 65 shares during the last quarter. First Horizon Corp bought a new stake in MYR Group during the 3rd quarter worth about $47,000. Johnson Financial Group Inc. bought a new stake in MYR Group during the 3rd quarter worth about $74,000. Finally, USA Financial Formulas bought a new stake in MYR Group during the 4th quarter worth about $76,000. Institutional investors own 88.90% of the company’s stock.

MYR Group Stock Performance

MYR Group stock opened at $437.86 on Friday. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. MYR Group, Inc. has a 1 year low of $152.93 and a 1 year high of $475.39. The company has a market cap of $6.82 billion, a PE ratio of 48.28 and a beta of 1.30. The company’s 50-day moving average is $303.61 and its two-hundred day moving average is $258.91.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.09 by $0.90. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The company had revenue of $1 billion for the quarter, compared to the consensus estimate of $932.45 million. During the same period in the prior year, the company posted $1.45 EPS. The company’s revenue was up 20.0% compared to the same quarter last year. Equities analysts anticipate that MYR Group, Inc. will post 9.84 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MYRG. Stifel Nicolaus set a $503.00 price objective on shares of MYR Group in a report on Monday, May 4th. Cantor Fitzgerald increased their price objective on shares of MYR Group from $285.00 to $311.00 and gave the stock an “overweight” rating in a report on Monday, March 2nd. The Goldman Sachs Group increased their price objective on shares of MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a report on Tuesday, March 3rd. Robert W. Baird set a $373.00 price objective on shares of MYR Group in a report on Thursday, April 30th. Finally, Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $292.71.

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.