Janney Montgomery Scott LLC Lowers Stock Holdings in MYR Group, Inc. (NASDAQ:MYRG)

Janney Montgomery Scott LLC cut its holdings in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 38.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,428 shares of the utilities provider's stock after selling 1,542 shares during the period. Janney Montgomery Scott LLC's holdings in MYR Group were worth $275,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Smartleaf Asset Management LLC raised its position in MYR Group by 697.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider's stock worth $49,000 after acquiring an additional 286 shares during the period. Versant Capital Management Inc increased its holdings in MYR Group by 85.4% in the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock valued at $52,000 after acquiring an additional 210 shares during the last quarter. ANTIPODES PARTNERS Ltd increased its holdings in MYR Group by 13.2% in the 4th quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider's stock valued at $92,000 after acquiring an additional 72 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in MYR Group by 52.4% in 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. Finally, Tower Research Capital LLC TRC increased its holdings in MYR Group by 234.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,337 shares of the utilities provider's stock valued at $199,000 after acquiring an additional 937 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MYRG. Stifel Nicolaus dropped their price objective on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. KeyCorp lifted their price objective on shares of MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a research note on Friday, May 2nd. The Goldman Sachs Group cut shares of MYR Group from a "buy" rating to a "neutral" rating and lifted their price objective for the stock from $145.00 to $168.00 in a research note on Friday, June 6th. Robert W. Baird lifted their price objective on shares of MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Finally, Piper Sandler lifted their price objective on shares of MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $157.00.

MYR Group Trading Up 3.0%

Shares of MYRG stock traded up $5.47 during trading hours on Friday, reaching $188.75. 201,476 shares of the stock were exchanged, compared to its average volume of 226,739. MYR Group, Inc. has a 12-month low of $86.60 and a 12-month high of $189.36. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.15. The company's 50-day moving average price is $162.88 and its 200-day moving average price is $141.87. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of 86.58 and a beta of 1.19.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.45 EPS for the quarter, topping analysts' consensus estimates of $1.18 by $0.27. MYR Group had a net margin of 1.02% and a return on equity of 5.84%. The firm had revenue of $833.62 million during the quarter, compared to analysts' expectations of $788.98 million. During the same period in the previous year, the company earned $1.12 EPS. The firm's revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, equities analysts anticipate that MYR Group, Inc. will post 1.16 earnings per share for the current year.

MYR Group 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.