MYR Group, Inc. $MYRG Shares Sold by Voya Investment Management LLC

Key Points

• Voya Investment Management LLC significantly reduced its stake in MYR Group, Inc. by 97.4% in Q1, leaving them with only 4,369 shares valued at approximately $494,000.
• Institutional investors now hold 88.90% of MYR Group's stock, with Wellington Management increasing its holdings by 11.7% and UBS Asset Management raising theirs by 214.6% during the same period.
• Analysts have issued a mixed rating on MYR Group, with an average target price of $191.83, and recent earnings reported a 14% increase in revenue compared to the previous year.

Voya Investment Management LLC reduced its position in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 97.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,369 shares of the utilities provider's stock after selling 161,078 shares during the quarter. Voya Investment Management LLC's holdings in MYR Group were worth $494,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its stake in MYR Group by 11.7% during the first quarter. Wellington Management Group LLP now owns 452,213 shares of the utilities provider's stock worth $51,141,000 after buying an additional 47,445 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of MYR Group by 214.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 302,549 shares of the utilities provider's stock worth $34,215,000 after acquiring an additional 206,369 shares during the period. Hawk Ridge Capital Management LP boosted its position in shares of MYR Group by 30.1% during the 1st quarter. Hawk Ridge Capital Management LP now owns 298,436 shares of the utilities provider's stock valued at $33,750,000 after acquiring an additional 69,100 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of MYR Group by 3.6% in the first quarter. Jacobs Levy Equity Management Inc. now owns 285,954 shares of the utilities provider's stock valued at $32,339,000 after purchasing an additional 9,818 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in MYR Group by 4.1% during the first 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. Institutional investors and hedge funds own 88.90% of the company's stock.

Wall Street Analysts Forecast Growth

MYRG has been the topic of several recent analyst reports. Jefferies Financial Group started coverage on shares of MYR Group in a report on Friday, August 15th. They issued a "hold" rating and a $202.00 target price on the stock. KeyCorp increased their price target on MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Stifel Nicolaus set a $210.00 price objective on shares of MYR Group in a report on Monday, August 4th. Finally, The Goldman Sachs Group upped their target price 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. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, MYR Group presently has an average rating of "Moderate Buy" and an average price target of $191.83.

MYR Group Price Performance

Shares of NASDAQ MYRG opened at $198.62 on Friday. 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 cap of $3.08 billion, a price-to-earnings ratio of 41.47 and a beta of 1.18. The stock's 50-day moving average is $185.93 and its two-hundred day moving average is $161.11. MYR Group, Inc. has a 1-year low of $97.72 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. Analysts forecast that MYR Group, Inc. will post 1.16 EPS 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.

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