American Century Companies Inc. Sells 280,593 Shares of MYR Group, Inc. $MYRG

Key Points

• American Century Companies Inc. reduced its stake in MYR Group, Inc. by 84.6% during the first quarter, selling 280,593 shares, leaving it with approximately 51,247 shares valued at about $5.8 million.
• Analysts have increased their price targets for MYR Group, with estimates ranging from $159.00 to $211.00, resulting in a consensus rating of "Moderate Buy" for the stock.
• MYR Group reported earnings of $1.70 per share for the past quarter, exceeding expectations, and generated revenue of $900.33 million, reflecting an 8.6% year-over-year increase.

American Century Companies Inc. reduced its stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 84.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 51,247 shares of the utilities provider's stock after selling 280,593 shares during the quarter. American Century Companies Inc. owned approximately 0.33% of MYR Group worth $5,796,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Fox Run Management L.L.C. purchased a new stake in MYR Group in the 1st quarter valued at $1,179,000. Caitong International Asset Management Co. Ltd raised its position in MYR Group by 92.7% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider's stock valued at $39,000 after buying an additional 165 shares during the last quarter. Public Sector Pension Investment Board increased its position in shares of MYR Group by 27.3% during the 1st quarter. Public Sector Pension Investment Board now owns 51,145 shares of the utilities provider's stock valued at $5,784,000 after purchasing an additional 10,982 shares during the last quarter. Nuveen LLC bought a new stake in shares of MYR Group during the 1st quarter worth $18,511,000. Finally, Neumeier Poma Investment Counsel LLC raised its stake in shares of MYR Group by 1.7% during the 1st quarter. Neumeier Poma Investment Counsel LLC now owns 117,351 shares of the utilities provider's stock worth $13,271,000 after purchasing an additional 1,990 shares during the period. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Price Performance

MYRG stock traded up $0.40 during mid-day trading on Wednesday, reaching $182.76. 113,036 shares of the company traded hands, compared to its average volume of 191,509. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.33 and a quick ratio of 1.33. The company has a market capitalization of $2.84 billion, a P/E ratio of 38.15 and a beta of 1.18. MYR Group, Inc. has a 52-week low of $86.60 and a 52-week high of $220.01. The company has a fifty day moving average price of $187.08 and a 200-day moving average price of $154.09.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $1.70 EPS for the quarter, topping the consensus estimate of $1.56 by $0.14. MYR Group had a return on equity of 13.16% and a net margin of 2.21%.The company had revenue of $900.33 million during the quarter, compared to analyst estimates of $828.20 million. During the same quarter in the previous year, the firm earned ($0.91) earnings per share. MYR Group's revenue was up 8.6% on a year-over-year basis. As a group, analysts anticipate that MYR Group, Inc. will post 1.16 earnings per share for the current year.

Wall Street Analyst Weigh In

MYRG has been the topic of a number of recent analyst reports. KeyCorp lifted their target price on MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Piper Sandler lifted their price objective on MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. Stifel Nicolaus set a $210.00 price objective on MYR Group in a research note on Monday, August 4th. Wall Street Zen upgraded MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Finally, The Goldman Sachs Group boosted their price objective on MYR Group from $168.00 to $205.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $191.83.

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.