Voloridge Investment Management LLC Has $7.76 Million Stock Position in MYR Group Inc. (NASDAQ:MYRG)

Voloridge Investment Management LLC cut its stake in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 71.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 52,189 shares of the utilities provider's stock after selling 129,496 shares during the quarter. Voloridge Investment Management LLC owned 0.32% of MYR Group worth $7,764,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Squarepoint Ops LLC grew its stake in shares of MYR Group by 1.7% during the fourth quarter. Squarepoint Ops LLC now owns 34,315 shares of the utilities provider's stock worth $5,105,000 after buying an additional 563 shares during the last quarter. Thornburg Investment Management Inc. boosted its holdings in shares of MYR Group by 6.5% during the 4th quarter. Thornburg Investment Management Inc. now owns 136,260 shares of the utilities provider's stock valued at $20,271,000 after acquiring an additional 8,258 shares in the last quarter. Select Equity Group L.P. boosted its holdings in shares of MYR Group by 10.3% during the 4th quarter. Select Equity Group L.P. now owns 7,196 shares of the utilities provider's stock valued at $1,071,000 after acquiring an additional 674 shares in the last quarter. Silvercrest Asset Management Group LLC grew its position in MYR Group by 5.7% during the 4th quarter. Silvercrest Asset Management Group LLC now owns 62,184 shares of the utilities provider's stock worth $9,251,000 after acquiring an additional 3,352 shares during the last quarter. Finally, Southport Management L.L.C. acquired a new position in MYR Group in the 4th quarter worth about $893,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

MYR Group Trading Down 0.5%

NASDAQ MYRG traded down $0.77 during mid-day trading on Thursday, reaching $158.30. 88,450 shares of the stock were exchanged, compared to its average volume of 221,348. The stock has a market cap of $2.46 billion, a P/E ratio of 68.94 and a beta of 1.06. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. MYR Group Inc. has a one year low of $86.60 and a one year high of $168.88. The stock has a 50 day simple moving average of $132.60 and a 200-day simple moving average of $139.42.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share for the quarter, topping analysts' consensus estimates of $1.18 by $0.27. The firm had revenue of $833.62 million during the quarter, compared to the consensus estimate of $788.98 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The business's revenue was up 2.2% compared to the same quarter last year. During the same period last year, the business posted $1.12 EPS. On average, analysts anticipate that MYR Group Inc. will post 1.16 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms recently commented on MYRG. Piper Sandler lifted their target price on shares of MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a research report on Tuesday. Stifel Nicolaus cut their price target on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. The Goldman Sachs Group reduced their price objective on shares of MYR Group from $164.00 to $145.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. KeyCorp raised their target price on MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a research report on Friday, May 2nd. Finally, Wall Street Zen upgraded MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $152.40.

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.