New York State Common Retirement Fund Reduces Stock Position in MYR Group, Inc. (NASDAQ:MYRG)

New York State Common Retirement Fund decreased its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 82.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,089 shares of the utilities provider's stock after selling 70,927 shares during the period. New York State Common Retirement Fund owned about 0.09% of MYR Group worth $1,706,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of MYRG. SG Americas Securities LLC acquired a new position in MYR Group during the first quarter valued at approximately $440,000. GAMMA Investing LLC grew its position in shares of MYR Group by 12,329.7% during the 1st quarter. GAMMA Investing LLC now owns 68,985 shares of the utilities provider's stock worth $7,802,000 after buying an additional 68,430 shares during the period. Teacher Retirement System of Texas bought a new position in shares of MYR Group during the 1st quarter valued at about $267,000. Wells Fargo & Company MN lifted its stake in MYR Group by 219.3% in the 4th quarter. Wells Fargo & Company MN now owns 63,869 shares of the utilities provider's stock valued at $9,502,000 after acquiring an additional 43,865 shares in the last quarter. Finally, ProShare Advisors LLC raised its stake in shares of MYR Group by 41.0% during the 4th quarter. ProShare Advisors LLC now owns 4,826 shares of the utilities provider's stock worth $718,000 after purchasing an additional 1,404 shares in the last quarter. Institutional investors own 88.90% of the company's stock.

MYR Group Stock Up 2.5%

Shares of NASDAQ:MYRG traded up $4.96 during trading on Friday, hitting $200.30. The stock had a trading volume of 152,362 shares, compared to its average volume of 214,028. MYR Group, Inc. has a 12 month low of $86.60 and a 12 month high of $205.35. The company has a market capitalization of $3.11 billion, a PE ratio of 91.88 and a beta of 1.19. The firm's fifty day moving average is $173.50 and its 200 day moving average is $145.47. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.15.

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

Analysts Set New Price Targets

MYRG has been the topic of a number of research reports. KeyCorp upped their price objective on MYR Group from $172.00 to $205.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. The Goldman Sachs Group downgraded MYR Group from a "buy" rating to a "neutral" rating and raised their price objective for the stock from $145.00 to $168.00 in a research report on Friday, June 6th. 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. Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Finally, Stifel Nicolaus raised their target price on MYR Group from $174.00 to $204.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $180.00.

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.