BNP Paribas Financial Markets Sells 39,843 Shares of MYR Group Inc. (NASDAQ:MYRG)

BNP Paribas Financial Markets decreased its position in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 56.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,492 shares of the utilities provider's stock after selling 39,843 shares during the quarter. BNP Paribas Financial Markets owned approximately 0.19% of MYR Group worth $4,536,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its position in MYR Group by 77.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 54,405 shares of the utilities provider's stock valued at $8,045,000 after purchasing an additional 23,760 shares during the period. Bank of New York Mellon Corp boosted its holdings in MYR Group by 12.3% in the fourth quarter. Bank of New York Mellon Corp now owns 238,740 shares of the utilities provider's stock worth $35,517,000 after acquiring an additional 26,205 shares in the last quarter. Truist Financial Corp grew its position in MYR Group by 51.1% during the 4th quarter. Truist Financial Corp now owns 3,402 shares of the utilities provider's stock worth $506,000 after purchasing an additional 1,150 shares during the last quarter. Moody Aldrich Partners LLC acquired a new position in shares of MYR Group in the 4th quarter valued at $3,952,000. Finally, KBC Group NV lifted its holdings in shares of MYR Group by 56.8% during the fourth quarter. KBC Group NV now owns 737 shares of the utilities provider's stock worth $110,000 after purchasing an additional 267 shares during the period. Institutional investors own 88.90% of the company's stock.

MYR Group Stock Up 2.8%

MYR Group stock opened at $164.30 on Wednesday. The firm has a market capitalization of $2.55 billion, a P/E ratio of 71.75 and a beta of 1.06. The stock's fifty day simple moving average is $123.13 and its 200-day simple moving average is $137.28. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $168.88. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share (EPS) 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 analyst estimates of $788.98 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. MYR Group's revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.12 EPS. As a group, equities analysts expect that MYR Group Inc. will post 1.16 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MYRG. KeyCorp boosted their price objective on MYR Group from $136.00 to $163.00 and gave the company an "overweight" rating in a report on Friday, May 2nd. Piper Sandler boosted their price target on shares of MYR Group from $124.00 to $138.00 and gave the stock a "neutral" rating in a research report on Monday, May 5th. Robert W. Baird lifted their price target on MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. The Goldman Sachs Group cut their target price on MYR Group from $164.00 to $145.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Finally, Stifel Nicolaus decreased their price objective on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target 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.

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