MYR Group, Inc. (NASDAQ:MYRG) Holdings Trimmed by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC decreased its position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 30.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 37,578 shares of the utilities provider's stock after selling 16,827 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.23% of MYR Group worth $4,276,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of MYRG. Smartleaf Asset Management LLC increased its stake in shares of MYR Group by 697.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider's stock valued at $49,000 after purchasing an additional 286 shares during the period. Versant Capital Management Inc grew its holdings in MYR Group by 85.4% in the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock worth $52,000 after buying an additional 210 shares in the last quarter. ANTIPODES PARTNERS Ltd increased its position in MYR Group by 13.2% in the 4th 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. Quadrant Capital Group LLC raised its stake in MYR Group by 52.4% during the 4th quarter. Quadrant Capital Group LLC now owns 666 shares of the utilities provider's stock valued at $99,000 after acquiring an additional 229 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in MYR Group by 234.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,337 shares of the utilities provider's stock worth $199,000 after acquiring an additional 937 shares during the period. Institutional investors own 88.90% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on MYRG. The Goldman Sachs Group cut shares of MYR Group from a "buy" rating to a "neutral" rating and lifted their price objective for the company from $145.00 to $168.00 in a research note on Friday, June 6th. Stifel Nicolaus dropped their price target on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. KeyCorp increased their price objective on shares of MYR Group from $136.00 to $163.00 and gave the company an "overweight" rating in a report on Friday, May 2nd. Robert W. Baird boosted their target price on MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Finally, Piper Sandler increased their price target on MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a research note on Tuesday, May 27th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $157.00.

MYR Group Price Performance

MYR Group stock traded up $1.82 during mid-day trading on Wednesday, hitting $184.22. The company's stock had a trading volume of 144,747 shares, compared to its average volume of 226,033. The stock has a market capitalization of $2.86 billion, a P/E ratio of 84.50 and a beta of 1.19. MYR Group, Inc. has a twelve month low of $86.60 and a twelve month high of $190.81. The stock's fifty day moving average price is $166.53 and its two-hundred day moving average price is $142.58. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.15.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.18 by $0.27. MYR Group had a return on equity of 5.84% and a net margin of 1.02%. The company had revenue of $833.62 million for the quarter, compared to analyst estimates of $788.98 million. During the same period in the previous year, the firm earned $1.12 earnings per share. MYR Group's revenue for the quarter was up 2.2% compared to the same quarter last year. Research analysts forecast that MYR Group, Inc. will post 1.16 earnings per share for the current year.

MYR Group 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.