MYR Group, Inc. (NASDAQ:MYRG) Shares Sold by Envestnet Asset Management Inc.

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

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sei Investments Co. raised its position in shares of MYR Group by 15.3% during the 4th quarter. Sei Investments Co. now owns 27,190 shares of the utilities provider's stock worth $4,045,000 after purchasing an additional 3,607 shares during the last quarter. Wellington Management Group LLP acquired a new position in MYR Group in the 4th quarter valued at about $60,217,000. Franklin Resources Inc. purchased a new position in MYR Group in the 4th quarter valued at about $1,143,000. Bryce Point Capital LLC acquired a new stake in shares of MYR Group during the 4th quarter worth about $1,018,000. Finally, Wells Fargo & Company MN boosted its stake in shares of MYR Group by 219.3% during the 4th quarter. Wells Fargo & Company MN now owns 63,869 shares of the utilities provider's stock worth $9,502,000 after purchasing an additional 43,865 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

Analysts Set New Price Targets

MYRG has been the topic of several recent analyst reports. KeyCorp increased their target price on MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a research report on Friday. The Goldman Sachs Group cut shares of MYR Group from a "buy" rating to a "neutral" rating and raised their target price for the stock from $145.00 to $168.00 in a research report on Friday, June 6th. 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 upgraded shares of MYR Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. Finally, Stifel Nicolaus upped their price objective on MYR Group from $174.00 to $204.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $181.20.

MYR Group Stock Performance

Shares of MYRG stock traded down $6.06 during trading hours on Friday, reaching $187.44. The stock had a trading volume of 276,715 shares, compared to its average volume of 215,380. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.31 and a quick ratio of 1.31. The firm has a 50-day simple moving average of $177.07 and a 200-day simple moving average of $147.34. The firm has a market capitalization of $2.91 billion, a PE ratio of 39.13 and a beta of 1.19. MYR Group, Inc. has a twelve month low of $86.60 and a twelve month high of $220.01.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.56 by $0.14. The business had revenue of $900.33 million during the quarter, compared to analyst estimates of $828.20 million. MYR Group had a return on equity of 13.19% and a net margin of 2.21%. The business's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.91) EPS. As a group, equities analysts forecast that MYR Group, Inc. will post 1.16 earnings per share for the current year.

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.