Deutsche Bank AG Sells 4,626 Shares of MYR Group, Inc. $MYRG

Key Points

• Deutsche Bank AG reduced its stake in MYR Group, Inc. by 16% in Q1, selling 4,626 shares and holding now around 24,258 shares valued at approximately $2.74 million.
• The company reported earnings of $1.70 per share for the last quarter, exceeding analysts' expectations of $1.56, with a revenue of $900.33 million compared to an expected $828.20 million.
• Analysts have set a consensus price target of $191.83 for MYR Group, with ratings varying from "Buy" to "Hold" among research firms.

Deutsche Bank AG lowered its holdings in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 16.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,258 shares of the utilities provider's stock after selling 4,626 shares during the period. Deutsche Bank AG owned about 0.16% of MYR Group worth $2,743,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in MYRG. Versant Capital Management Inc grew its position in MYR Group by 85.4% in the first quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock valued at $52,000 after purchasing an additional 210 shares in the last quarter. ANTIPODES PARTNERS Ltd raised its position in MYR Group by 16.3% during the first quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider's stock worth $81,000 after acquiring an additional 101 shares in the last quarter. CWM LLC raised its position in MYR Group by 176.9% during the first quarter. CWM LLC now owns 1,293 shares of the utilities provider's stock worth $146,000 after acquiring an additional 826 shares in the last quarter. DekaBank Deutsche Girozentrale raised its position in MYR Group by 43.3% during the first quarter. DekaBank Deutsche Girozentrale now owns 1,622 shares of the utilities provider's stock worth $186,000 after acquiring an additional 490 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its position 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 worth $199,000 after acquiring an additional 937 shares in the last quarter. Institutional investors own 88.90% of the company's stock.

MYR Group Stock Performance

MYRG stock traded up $0.9420 during midday trading on Monday, reaching $186.5220. 6,901 shares of the company were exchanged, compared to its average volume of 212,823. 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 business has a 50-day moving average price of $184.59 and a two-hundred day moving average price of $151.70. MYR Group, Inc. has a one year low of $86.60 and a one year high of $220.01. The firm has a market capitalization of $2.89 billion, a price-to-earnings ratio of 38.89 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 analysts' consensus estimates of $1.56 by $0.14. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The firm had revenue of $900.33 million during the quarter, compared to analysts' expectations of $828.20 million. During the same period in the previous year, the business posted ($0.91) earnings per share. The company's revenue for the quarter was up 8.6% compared to the same quarter last year. Equities research analysts forecast that MYR Group, Inc. will post 1.16 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. KeyCorp upped their price target on shares of MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. 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 research report on Thursday, May 1st. Wall Street Zen raised shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Stifel Nicolaus set a $210.00 price target on shares of MYR Group in a research report on Monday, August 4th. Finally, Jefferies Financial Group started coverage on shares of MYR Group in a research report on Friday, August 15th. They set a "hold" rating and a $202.00 price target on the stock. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $191.83.

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.