Invesco Ltd. Decreases Position in MYR Group, Inc. $MYRG

Key Points

• Invesco Ltd. has decreased its stake in MYR Group, Inc. by 12.4%, now owning approximately 0.78% of the company valued at $13.68 million after selling 17,130 shares.
• MYR Group's stock has received varied price target adjustments from analysts, with the average target set at $191.83 and ratings varying between "Buy" and "Hold."
• The company reported a quarterly EPS of $1.70, exceeding expectations of $1.56, alongside an 8.6% increase in revenue year-over-year.

Invesco Ltd. cut its stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 12.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 120,968 shares of the utilities provider's stock after selling 17,130 shares during the quarter. Invesco Ltd. owned about 0.78% of MYR Group worth $13,680,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Neumeier Poma Investment Counsel LLC increased its position in shares of MYR Group by 1.7% during the 1st quarter. Neumeier Poma Investment Counsel LLC now owns 117,351 shares of the utilities provider's stock worth $13,271,000 after purchasing an additional 1,990 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of MYR Group by 4.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 252,172 shares of the utilities provider's stock worth $28,518,000 after purchasing an additional 9,971 shares during the last quarter. Corbyn Investment Management Inc. MD increased its position in shares of MYR Group by 0.6% during the 1st quarter. Corbyn Investment Management Inc. MD now owns 82,571 shares of the utilities provider's stock worth $9,338,000 after purchasing an additional 487 shares during the last quarter. J. Safra Sarasin Holding AG acquired a new stake in shares of MYR Group during the 1st quarter worth about $2,011,000. Finally, US Bancorp DE increased its position in shares of MYR Group by 2.4% during the 1st quarter. US Bancorp DE now owns 6,261 shares of the utilities provider's stock worth $708,000 after purchasing an additional 144 shares during the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently issued reports on MYRG shares. KeyCorp raised their price objective on 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 raised their price objective on MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Jefferies Financial Group started coverage on MYR Group in a report on Friday, August 15th. They set a "hold" rating and a $202.00 target price for the company. The Goldman Sachs Group lifted their target price on MYR Group from $168.00 to $205.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Finally, Stifel Nicolaus set a $210.00 target price on MYR Group in a research report on Monday, August 4th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, MYR Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $191.83.

MYR Group Stock Up 2.5%

Shares of MYRG traded up $4.63 during midday trading on Thursday, hitting $191.53. The company had a trading volume of 204,922 shares, compared to its average volume of 211,111. The company's 50-day simple moving average is $186.28 and its 200-day simple moving average is $152.76. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.33 and a current ratio of 1.33. The firm has a market capitalization of $2.97 billion, a P/E ratio of 39.99 and a beta of 1.17. MYR Group, Inc. has a 1 year low of $86.60 and a 1 year high of $220.01.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $900.33 million during the quarter, compared to analysts' expectations of $828.20 million. MYR Group had a return on equity of 13.16% and a net margin of 2.21%.The business's quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.91) EPS. As a group, sell-side analysts expect that MYR Group, Inc. will post 1.16 EPS for the current 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.