Boston Partners Lowers Position in MYR Group, Inc. $MYRG

Key Points

• Boston Partners has reduced its holdings in MYR Group, Inc. by 10.2%, owning 89,324 shares worth approximately $10.1 million as of the latest SEC filing.
• Several institutional investors, including SG Americas Securities LLC and GAMMA Investing LLC, have made significant new investments in MYR Group during the same quarter, indicating strong interest from the investment community.
• Wall Street analysts have been optimistic about MYR Group, raising price targets and ratings, with an average target price now at $191.83 and a consensus rating of "Moderate Buy."

Boston Partners trimmed its position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 10.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 89,324 shares of the utilities provider's stock after selling 10,193 shares during the quarter. Boston Partners owned 0.58% of MYR Group worth $10,102,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. Captrust Financial Advisors increased its position in MYR Group by 0.9% during the fourth quarter. Captrust Financial Advisors now owns 8,519 shares of the utilities provider's stock valued at $1,267,000 after acquiring an additional 75 shares during the last quarter. ANTIPODES PARTNERS Ltd boosted its stake in shares of MYR Group by 16.3% during the first quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider's stock valued at $81,000 after purchasing an additional 101 shares during the period. US Bancorp DE boosted its stake in shares of MYR Group by 2.4% during the first quarter. US Bancorp DE now owns 6,261 shares of the utilities provider's stock valued at $708,000 after purchasing an additional 144 shares during the period. Caitong International Asset Management Co. Ltd boosted its stake in shares of MYR Group by 92.7% during the first quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider's stock valued at $39,000 after purchasing an additional 165 shares during the period. Finally, Bank of Montreal Can boosted its stake in shares of MYR Group by 6.3% during the fourth quarter. Bank of Montreal Can now owns 3,356 shares of the utilities provider's stock valued at $499,000 after purchasing an additional 199 shares during the period. Institutional investors own 88.90% of the company's stock.

MYR Group Stock Performance

NASDAQ:MYRG traded down $2.3050 during midday trading on Wednesday, hitting $179.3850. The company's stock had a trading volume of 59,090 shares, compared to its average volume of 213,972. MYR Group, Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $220.01. The firm's 50 day moving average is $183.47 and its 200-day moving average is $150.81. 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 firm has a market cap of $2.78 billion, a P/E ratio of 37.45 and a beta of 1.17.

MYR Group (NASDAQ:MYRG - Get Free Report) last released 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 business had revenue of $900.33 million for the quarter, compared to analyst estimates of $828.20 million. During the same quarter in the prior year, the firm posted ($0.91) EPS. The business's quarterly revenue was up 8.6% compared to the same quarter last year. Equities analysts anticipate that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. KeyCorp boosted their target price on shares of MYR Group from $205.00 to $211.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Robert W. Baird boosted their target price on shares of MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Piper Sandler boosted their target price on shares of MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a research note on Tuesday, May 27th. Jefferies Financial Group began coverage on shares of MYR Group in a research note on Friday, August 15th. They set a "hold" rating and a $202.00 target price for the company. Finally, The Goldman Sachs Group upped their price objective on shares of MYR Group from $168.00 to $205.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $191.83.

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.