Envestnet Asset Management Inc. Has $1.78 Million Stock Holdings in MYR Group, Inc. (NASDAQ:MYRG)

Envestnet Asset Management Inc. trimmed its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 17.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,770 shares of the utilities provider's stock after selling 3,389 shares during the period. Envestnet Asset Management Inc. owned 0.10% of MYR Group worth $1,783,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of MYRG. Teacher Retirement System of Texas acquired a new stake in shares of MYR Group in the 1st quarter valued at about $267,000. Townsend & Associates Inc raised its stake in MYR Group by 20.4% in the 1st quarter. Townsend & Associates Inc now owns 127,824 shares of the utilities provider's stock valued at $14,013,000 after acquiring an additional 21,631 shares during the period. Peregrine Capital Management LLC boosted its holdings in shares of MYR Group by 3.5% during the 1st quarter. Peregrine Capital Management LLC now owns 68,531 shares of the utilities provider's stock worth $7,750,000 after buying an additional 2,309 shares during the period. Illinois Municipal Retirement Fund grew its position in shares of MYR Group by 5.4% in the first quarter. Illinois Municipal Retirement Fund now owns 8,745 shares of the utilities provider's stock valued at $989,000 after purchasing an additional 447 shares during the last quarter. Finally, Sheets Smith Wealth Management grew its holdings in MYR Group by 4.1% in the 1st quarter. Sheets Smith Wealth Management now owns 9,147 shares of the utilities provider's stock valued at $1,034,000 after buying an additional 358 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MYRG has been the subject of a number of recent analyst reports. Wall Street Zen upgraded MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Piper Sandler boosted their price objective on MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 27th. Robert W. Baird raised their price target 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. Stifel Nicolaus boosted their price objective on shares of MYR Group from $174.00 to $204.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Finally, KeyCorp increased their price objective on MYR Group from $205.00 to $211.00 and gave the company an "overweight" rating in a report on Friday. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $181.20.

MYR Group Trading Down 3.1%

Shares of NASDAQ MYRG traded down $6.06 during midday trading on Friday, reaching $187.44. The stock had a trading volume of 276,715 shares, compared to its average volume of 153,950. The company's 50 day moving average price is $177.67 and its 200 day moving average price is $147.66. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.31 and a current ratio of 1.33. MYR Group, Inc. has a twelve month low of $86.60 and a twelve month high of $220.01. The firm has a market cap of $2.91 billion, a price-to-earnings ratio of 39.13 and a beta of 1.17.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its earnings results on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.14. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. 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 previous year, the business earned ($0.91) earnings per share. MYR Group's revenue for the quarter was up 8.6% on a year-over-year basis. 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.