Algert Global LLC Sells 1,730 Shares of MYR Group Inc. (NASDAQ:MYRG)

Algert Global LLC cut its holdings in MYR Group Inc. (NASDAQ:MYRG) by 28.9% during the fourth quarter, HoldingsChannel reports. The firm owned 4,250 shares of the utilities provider’s stock after selling 1,730 shares during the period. Algert Global LLC’s holdings in MYR Group were worth $632,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. MCF Advisors LLC increased its stake in shares of MYR Group by 470.0% in the fourth quarter. MCF Advisors LLC now owns 171 shares of the utilities provider’s stock worth $25,000 after purchasing an additional 141 shares during the period. Arcadia Investment Management Corp MI bought a new position in shares of MYR Group in the fourth quarter worth about $47,000. Smartleaf Asset Management LLC increased its stake in MYR Group by 697.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider’s stock valued at $49,000 after acquiring an additional 286 shares during the period. GAMMA Investing LLC increased its stake in MYR Group by 27.0% during the fourth quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock valued at $83,000 after acquiring an additional 118 shares during the period. Finally, ANTIPODES PARTNERS Ltd increased its stake in MYR Group by 13.2% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider’s stock valued at $92,000 after acquiring an additional 72 shares during the period. 88.90% of the stock is currently owned by institutional investors.

MYR Group Stock Up 0.1%

NASDAQ MYRG opened at $155.25 on Monday. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The stock’s 50 day moving average is $121.52 and its two-hundred day moving average is $136.77. The company has a market capitalization of $2.41 billion, a price-to-earnings ratio of 67.80 and a beta of 1.06. MYR Group Inc. has a 1-year low of $86.60 and a 1-year high of $168.88.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share for the quarter, beating analysts’ consensus estimates of $1.18 by $0.27. The company had revenue of $833.62 million for the quarter, compared to the consensus estimate of $788.98 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The company’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.12 earnings per share. Equities analysts forecast that MYR Group Inc. will post 1.16 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Piper Sandler boosted their price target on MYR Group from $124.00 to $138.00 and gave the company a “neutral” rating in a research note on Monday, May 5th. Robert W. Baird boosted their price target on MYR Group from $159.00 to $170.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. The Goldman Sachs Group lowered their price target on MYR Group from $164.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. KeyCorp boosted their price target on MYR Group from $136.00 to $163.00 and gave the company an “overweight” rating in a research note on Friday, May 2nd. Finally, Stifel Nicolaus lowered their price target on MYR Group from $157.00 to $131.00 and set a “buy” rating on the stock in a research note on Wednesday, April 9th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, MYR Group currently has an average rating of “Moderate Buy” and a consensus target price of $149.40.

About MYR Group

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 industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.