GCA Investment Management LLC lowered its position in MYR Group Inc (NASDAQ:MYRG) by 8.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 549,484 shares of the utilities provider’s stock after selling 51,550 shares during the period. MYR Group comprises 3.6% of GCA Investment Management LLC’s investment portfolio, making the stock its 12th biggest position. GCA Investment Management LLC’s holdings in MYR Group were worth $19,633,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. California Public Employees Retirement System grew its holdings in MYR Group by 9.6% during the third quarter. California Public Employees Retirement System now owns 42,954 shares of the utilities provider’s stock valued at $1,252,000 after purchasing an additional 3,754 shares during the last quarter. Louisiana State Employees Retirement System acquired a new position in MYR Group during the fourth quarter valued at approximately $254,000. KBC Group NV grew its holdings in MYR Group by 21.4% during the third quarter. KBC Group NV now owns 38,940 shares of the utilities provider’s stock valued at $1,135,000 after purchasing an additional 6,874 shares during the last quarter. Keybank National Association OH acquired a new position in MYR Group during the fourth quarter valued at approximately $697,000. Finally, Macquarie Group Ltd. grew its holdings in MYR Group by 14.2% during the third quarter. Macquarie Group Ltd. now owns 864,492 shares of the utilities provider’s stock valued at $25,191,000 after purchasing an additional 107,417 shares during the last quarter. Hedge funds and other institutional investors own 89.25% of the company’s stock.
MYRG has been the topic of several analyst reports. TheStreet upgraded MYR Group from a “c+” rating to a “b-” rating in a report on Thursday, November 16th. Robert W. Baird set a $41.00 price target on MYR Group and gave the company a “buy” rating in a report on Wednesday, January 3rd. BidaskClub downgraded MYR Group from a “strong-buy” rating to a “buy” rating in a report on Friday, December 15th. Canaccord Genuity increased their price target on MYR Group from $35.00 to $42.00 and gave the company a “buy” rating in a report on Friday. Finally, Zacks Investment Research downgraded MYR Group from a “buy” rating to a “hold” rating in a report on Wednesday, March 7th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $36.00.
MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, March 7th. The utilities provider reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.01. The business had revenue of $373.50 million for the quarter, compared to the consensus estimate of $373.85 million. MYR Group had a net margin of 1.51% and a return on equity of 4.90%. MYR Group’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter last year, the company posted $0.48 earnings per share. research analysts expect that MYR Group Inc will post 1.79 EPS for the current year.
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About MYR Group
MYR Group Inc is a holding company. The Company, through its subsidiaries, provides specialty electrical construction services. The Company performs construction services in two segments: Transmission and Distribution (T&D), and Commercial and Industrial (C&I). The Company provides C&I electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States and western Canada.
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