Bank of New York Mellon Corp Cuts Position in MYR Group, Inc. (NASDAQ:MYRG)

Bank of New York Mellon Corp trimmed its position in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 25.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 177,516 shares of the utilities provider's stock after selling 61,224 shares during the period. Bank of New York Mellon Corp owned approximately 1.10% of MYR Group worth $20,075,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Versant Capital Management Inc grew its holdings in shares of MYR Group by 85.4% during the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock worth $52,000 after purchasing an additional 210 shares during the period. Quadrant Capital Group LLC increased its holdings in shares of MYR Group by 52.4% during the fourth quarter. Quadrant Capital Group LLC now owns 666 shares of the utilities provider's stock valued at $99,000 after purchasing an additional 229 shares during the period. Tower Research Capital LLC TRC boosted its stake in MYR Group by 234.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,337 shares of the utilities provider's stock valued at $199,000 after buying an additional 937 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in shares of MYR Group in the 4th quarter valued at $208,000. Finally, Avantax Advisory Services Inc. acquired a new position in shares of MYR Group in the 4th quarter valued at $215,000. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

MYR Group Price Performance

Shares of MYRG stock traded down $0.09 during trading hours on Friday, reaching $191.94. The company's stock had a trading volume of 96,106 shares, compared to its average volume of 225,263. The firm's 50 day simple moving average is $171.30 and its 200-day simple moving average is $144.32. The company has a market capitalization of $2.98 billion, a price-to-earnings ratio of 88.05 and a beta of 1.19. MYR Group, Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $194.95. 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 quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.45 EPS for the quarter, beating 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 during the quarter, compared to analysts' expectations of $788.98 million. During the same period in the prior year, the company earned $1.12 EPS. MYR Group's revenue was up 2.2% compared to the same quarter last year. Sell-side analysts forecast that MYR Group, Inc. will post 1.16 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages recently weighed in on MYRG. Piper Sandler raised their price objective on MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a research note on Tuesday, May 27th. Stifel Nicolaus boosted their price target on MYR Group from $174.00 to $204.00 and gave the company a "buy" rating in a research note on Friday, July 11th. KeyCorp lifted their price objective on MYR Group from $172.00 to $205.00 and gave the company an "overweight" rating in a research report on Wednesday. Wall Street Zen upgraded MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Finally, The Goldman Sachs Group downgraded MYR Group from a "buy" rating to a "neutral" rating and boosted their target price for the stock from $145.00 to $168.00 in a research report on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $180.00.

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.