California State Teachers Retirement System cut its stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 1.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 18,011 shares of the utilities provider's stock after selling 249 shares during the period. California State Teachers Retirement System owned approximately 0.12% of MYR Group worth $9,012,704 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also modified their holdings of the business. Kilter Group LLC purchased a new position in shares of MYR Group in the 2nd quarter worth approximately $25,000. Global Retirement Partners LLC bought a new position in shares of MYR Group in the second quarter worth approximately $30,000. Carolina Wealth Advisors LLC bought a new stake in MYR Group during the second quarter worth approximately $30,000. Allworth Financial LP bought a new stake in MYR Group during the 2nd quarter valued at $40,000. Finally, Fiduciary Financial Advisors purchased a new stake in MYR Group in the second quarter valued at approximately $51,000. 88.90% of the stock is currently owned by institutional investors.
MYR Group Price Performance
MYRG stock traded up $0.69 during mid-day trading on Tuesday, hitting $272.44. The company had a trading volume of 100,905 shares, compared to its average volume of 280,748. MYR Group, Inc. has a 12-month low of $171.51 and a 12-month high of $503.57. The company has a 50-day moving average price of $340.41 and a 200 day moving average price of $361.34. The company has a market capitalization of $4.24 billion, a price-to-earnings ratio of 25.83 and a beta of 1.31. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.01.
MYR Group (NASDAQ:MYRG - Get Free Report) last issued its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, beating analysts' consensus estimates of $2.62 by $0.55. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $995.74 million. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.MYR Group's revenue for the quarter was up 20.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.70 earnings per share. On average, research analysts anticipate that MYR Group, Inc. will post 12.43 earnings per share for the current year.
Analyst Upgrades and Downgrades
A number of brokerages have recently commented on MYRG. Zacks Research raised MYR Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 10th. Weiss Ratings lowered MYR Group from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, September 2nd. The Goldman Sachs Group lowered their target price on shares of MYR Group from $469.00 to $422.00 and set a "neutral" rating on the stock in a research note on Thursday, August 13th. Oppenheimer restated a "market perform" rating on shares of MYR Group in a report on Thursday, June 11th. Finally, Wall Street Zen downgraded MYR Group from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 29th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, MYR Group has a consensus rating of "Moderate Buy" and a consensus target price of $451.20.
Read Our Latest Stock Analysis on MYR Group
About MYR Group
(
Free Report)
MYR Group Inc NASDAQ: MYRG is a holding company that provides specialized electrical construction and infrastructure services in the United States and Canada. Through its operating subsidiaries, the company serves utilities, renewable energy developers, commercial and industrial businesses, government entities and other customers.
Its utility infrastructure operations focus on the construction, maintenance and repair of electric transmission and distribution systems, substations, storm restoration projects and other power-delivery infrastructure.
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