MYR Group Inc. (NASDAQ:MYRG) Shares Sold by D. E. Shaw & Co. Inc.

D. E. Shaw & Co. Inc. lessened its position in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 89.7% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,990 shares of the utilities provider's stock after selling 95,386 shares during the quarter. D. E. Shaw & Co. Inc. owned 0.07% of MYR Group worth $1,635,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. MCF Advisors LLC lifted its holdings in shares of MYR Group by 470.0% during the fourth quarter. MCF Advisors LLC now owns 171 shares of the utilities provider's stock worth $25,000 after purchasing an additional 141 shares during the period. Arcadia Investment Management Corp MI purchased a new position in MYR Group during the 4th quarter worth approximately $47,000. Smartleaf Asset Management LLC lifted its stake in MYR Group by 697.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider's stock valued at $49,000 after acquiring an additional 286 shares during the period. ANTIPODES PARTNERS Ltd lifted its stake in MYR Group by 13.2% during the 4th quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider's stock valued at $92,000 after acquiring an additional 72 shares during the period. Finally, Quadrant Capital Group LLC increased its stake 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 acquiring an additional 229 shares during the period. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Price Performance

Shares of MYRG stock traded up $3.38 during trading hours on Tuesday, hitting $160.79. 185,509 shares of the company's stock were exchanged, compared to its average volume of 221,501. MYR Group Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $168.88. The firm has a market cap of $2.50 billion, a P/E ratio of 70.21 and a beta of 1.06. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. The firm has a 50 day moving average of $131.96 and a two-hundred day moving average of $139.28.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings data 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. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. 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 business posted $1.12 earnings per share. The firm's revenue for the quarter was up 2.2% on a year-over-year basis. Sell-side analysts forecast that MYR Group Inc. will post 1.16 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have issued reports on MYRG. The Goldman Sachs Group decreased their price target on MYR Group from $164.00 to $145.00 and set a "buy" rating for the company in a report on Thursday, April 24th. 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. Stifel Nicolaus lowered their price target on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. KeyCorp lifted their price objective on shares of MYR Group from $136.00 to $163.00 and gave the company an "overweight" rating in a report on Friday, May 2nd. Finally, Robert W. Baird upped their price objective on shares of MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $152.40.

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.