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

Bank of New York Mellon Corp lessened its holdings in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 25.6% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. 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 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MYRG. Versant Capital Management Inc lifted its position in shares of MYR Group by 85.4% during the first quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock worth $52,000 after acquiring an additional 210 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in shares of MYR Group by 52.4% in the fourth quarter. Quadrant Capital Group LLC now owns 666 shares of the utilities provider's stock worth $99,000 after purchasing an additional 229 shares during the period. Tower Research Capital LLC TRC increased its holdings in shares of MYR Group by 234.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,337 shares of the utilities provider's stock worth $199,000 after purchasing an additional 937 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in shares of MYR Group in the fourth quarter worth $208,000. Finally, Avantax Advisory Services Inc. bought a new position in shares of MYR Group in the fourth quarter worth $215,000. Hedge funds and other institutional investors own 88.90% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on MYRG shares. Piper Sandler upped their price target on shares of MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. Robert W. Baird upped their price target on shares of 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 shares of MYR Group from a "buy" rating to a "neutral" rating and upped their price target for the stock from $145.00 to $168.00 in a report on Friday, June 6th. Wall Street Zen raised shares of MYR Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. Finally, Stifel Nicolaus upped their price target on shares of MYR Group from $174.00 to $204.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, MYR Group currently has an average rating of "Moderate Buy" and a consensus price target of $180.00.

MYR Group Trading Down 3.0%

NASDAQ MYRG traded down $5.76 during trading on Tuesday, hitting $184.90. 206,612 shares of the company's stock traded hands, compared to its average volume of 225,243. The stock has a fifty day moving average of $171.30 and a two-hundred day moving average of $144.30. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.31 and a quick ratio of 1.31. MYR Group, Inc. has a 12-month low of $86.60 and a 12-month high of $194.95. The firm has a market cap of $2.87 billion, a P/E ratio of 84.82 and a beta of 1.19.

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