Great Lakes Advisors LLC Trims Stake in MYR Group, Inc. $MYRG

Key Points

• Great Lakes Advisors LLC has reduced its stake in MYR Group, Inc. by 24.6%, selling 4,459 shares and now holding approximately 0.09% of the company, valued at $1.549 million.
• Several other hedge funds have increased their positions significantly, with Quarry LP boosting its stake by 190.4% during the same period.
• MYR Group reported Q2 earnings of $1.70 per share, exceeding estimates, and revenues of $900.33 million, which was higher than the anticipated $828.20 million.

Great Lakes Advisors LLC lessened its stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 24.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,694 shares of the utilities provider's stock after selling 4,459 shares during the period. Great Lakes Advisors LLC owned approximately 0.09% of MYR Group worth $1,549,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in MYRG. Bank of America Corp DE grew its position in MYR Group by 4.1% in the 4th quarter. Bank of America Corp DE now owns 152,440 shares of the utilities provider's stock worth $22,678,000 after purchasing an additional 6,041 shares during the period. Captrust Financial Advisors grew its position in MYR Group by 0.9% in the 4th quarter. Captrust Financial Advisors now owns 8,519 shares of the utilities provider's stock worth $1,267,000 after purchasing an additional 75 shares during the period. Deutsche Bank AG grew its position in MYR Group by 187.3% in the 4th quarter. Deutsche Bank AG now owns 28,884 shares of the utilities provider's stock worth $4,297,000 after purchasing an additional 18,831 shares during the period. FACT Capital LP grew its position in MYR Group by 29.0% in the 4th quarter. FACT Capital LP now owns 73,355 shares of the utilities provider's stock worth $10,913,000 after purchasing an additional 16,475 shares during the period. Finally, Janus Henderson Group PLC grew its position in MYR Group by 12.2% in the 4th quarter. Janus Henderson Group PLC now owns 32,257 shares of the utilities provider's stock worth $4,799,000 after purchasing an additional 3,511 shares during the period. Institutional investors own 88.90% of the company's stock.

MYR Group Price Performance

Shares of NASDAQ MYRG traded up $1.27 during mid-day trading on Wednesday, hitting $177.11. 29,931 shares of the company's stock traded hands, compared to its average volume of 208,842. The company's 50-day moving average is $185.98 and its two-hundred day moving average is $157.54. 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 company has a market capitalization of $2.75 billion, a P/E ratio of 37.01 and a beta of 1.18. MYR Group, Inc. has a 1 year low of $96.87 and a 1 year high of $220.01.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced 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. The firm had revenue of $900.33 million for the quarter, compared to analysts' expectations of $828.20 million. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The business's revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.91) EPS. On average, equities analysts anticipate that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Analyst Ratings Changes

MYRG has been the subject of a number of research analyst reports. KeyCorp lifted their target price 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. The Goldman Sachs Group boosted their price objective on shares of MYR Group from $168.00 to $205.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. 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. Jefferies Financial Group assumed coverage on shares of MYR Group in a research report on Friday, August 15th. They set a "hold" rating and a $202.00 price objective for the company. Finally, Stifel Nicolaus set a $210.00 price objective on shares of MYR Group in a research report on Monday, August 4th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $191.83.

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.