New York State Teachers Retirement System Sells 100 Shares of MYR Group, Inc. $MYRG

New York State Teachers Retirement System cut its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 2.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,058 shares of the utilities provider’s stock after selling 100 shares during the quarter. New York State Teachers Retirement System’s holdings in MYR Group were worth $736,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of MYRG. Illinois Municipal Retirement Fund increased its position in shares of MYR Group by 5.4% during the 1st quarter. Illinois Municipal Retirement Fund now owns 8,745 shares of the utilities provider’s stock valued at $989,000 after purchasing an additional 447 shares during the last quarter. Peregrine Capital Management LLC increased its position in shares of MYR Group by 3.5% during the 1st quarter. Peregrine Capital Management LLC now owns 68,531 shares of the utilities provider’s stock valued at $7,750,000 after purchasing an additional 2,309 shares during the last quarter. Townsend & Associates Inc increased its position in shares of MYR Group by 20.4% during the 1st quarter. Townsend & Associates Inc now owns 127,824 shares of the utilities provider’s stock valued at $14,013,000 after purchasing an additional 21,631 shares during the last quarter. Teacher Retirement System of Texas bought a new position in shares of MYR Group during the 1st quarter valued at about $267,000. Finally, DekaBank Deutsche Girozentrale increased its position in shares of MYR Group by 43.3% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 1,622 shares of the utilities provider’s stock valued at $186,000 after purchasing an additional 490 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on MYRG shares. The Goldman Sachs Group increased their price objective on MYR Group from $168.00 to $205.00 and gave the company a “neutral” rating in a research report on Thursday, August 7th. Wall Street Zen cut MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Friday, October 3rd. KeyCorp reaffirmed a “sector weight” rating on shares of MYR Group in a research note on Wednesday, October 1st. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MYR Group in a research note on Wednesday, October 8th. Finally, Jefferies Financial Group initiated coverage on MYR Group in a research note on Friday, August 15th. They issued a “hold” rating and a $202.00 price target on the stock. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, MYR Group currently has an average rating of “Hold” and an average target price of $194.50.

MYR Group Price Performance

Shares of MYRG stock opened at $197.12 on Thursday. The firm has a market cap of $3.06 billion, a P/E ratio of 41.15 and a beta of 1.19. MYR Group, Inc. has a fifty-two week low of $97.72 and a fifty-two week high of $220.01. The business’s 50 day moving average price is $190.74 and its 200-day moving average price is $171.70. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.33 and a current ratio of 1.33.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share for the quarter, topping analysts’ consensus estimates of $1.56 by $0.14. The firm had revenue of $900.33 million for the quarter, compared to analyst estimates of $828.20 million. MYR Group had a return on equity of 13.16% and a net margin of 2.21%.The business’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period last year, the company earned ($0.91) EPS. On average, equities research analysts anticipate that MYR Group, Inc. will post 1.16 earnings per share for the current year.

MYR Group Company 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 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.