Forge First Asset Management Inc. Sells 13,479 Shares of MYR Group, Inc. (NASDAQ:MYRG)

Key Points

• Forge First Asset Management Inc. decreased its stake in MYR Group by 35.5%, selling 13,479 shares to end up owning 24,515 shares, which constitutes about 1.2% of its portfolio.
• MYR Group reported earnings per share (EPS) of $1.70 for the last quarter, surpassing estimates by $0.14, and its quarterly revenue increased by 8.6% to $900.33 million.
• Analysts have generally upgraded their outlook for MYR Group, with ratings moving from "buy" to "strong-buy," and the average price target for the stock is now $181.20.

Forge First Asset Management Inc. lowered its position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 35.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 24,515 shares of the utilities provider's stock after selling 13,479 shares during the period. MYR Group comprises about 1.2% of Forge First Asset Management Inc.'s investment portfolio, making the stock its 26th biggest holding. Forge First Asset Management Inc. owned approximately 0.16% of MYR Group worth $2,771,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Versant Capital Management Inc grew its position in MYR Group by 85.4% during the 1st 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 during the last quarter. ANTIPODES PARTNERS Ltd boosted its holdings in shares of MYR Group by 16.3% during the 1st quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider's stock valued at $81,000 after acquiring an additional 101 shares during the last quarter. Quadrant Capital Group LLC boosted its holdings in shares of MYR Group by 52.4% during the 4th quarter. Quadrant Capital Group LLC now owns 666 shares of the utilities provider's stock valued at $99,000 after acquiring an additional 229 shares during the last quarter. CWM LLC boosted its holdings in shares of MYR Group by 176.9% during the 1st quarter. CWM LLC now owns 1,293 shares of the utilities provider's stock valued at $146,000 after acquiring an additional 826 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its holdings in shares of MYR Group by 43.3% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 1,622 shares of the utilities provider's stock valued at $186,000 after acquiring an additional 490 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on MYRG shares. 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 report on Thursday, May 1st. The Goldman Sachs Group downgraded shares of MYR Group from a "buy" rating to a "neutral" rating and raised their price target for the company from $145.00 to $168.00 in a report on Friday, June 6th. Piper Sandler raised their price objective on shares of MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. KeyCorp raised their price objective on shares of MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a report on Friday. Finally, Wall Street Zen raised shares of MYR Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. Two investment 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 company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $181.20.

MYR Group Stock Performance

Shares of MYRG traded down $0.83 on Tuesday, reaching $187.89. The company's stock had a trading volume of 74,359 shares, compared to its average volume of 213,909. 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 stock has a market capitalization of $2.92 billion, a P/E ratio of 39.11 and a beta of 1.17. The stock's 50 day simple moving average is $178.30 and its two-hundred day simple moving average is $147.95. MYR Group, Inc. has a 12-month low of $86.60 and a 12-month high of $220.01.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its earnings results 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 company had revenue of $900.33 million for the quarter, compared to analysts' expectations of $828.20 million. During the same quarter last year, the business earned ($0.91) EPS. The firm's revenue was up 8.6% compared to the same quarter last year. Research analysts forecast that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

About MYR Group

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.