Northern Trust Corp Has $21.47 Million Stock Position in MYR Group, Inc. $MYRG

Northern Trust Corp grew its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 3.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 189,843 shares of the utilities provider's stock after purchasing an additional 6,687 shares during the period. Northern Trust Corp owned approximately 1.22% of MYR Group worth $21,469,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the business. Algert Global LLC boosted its position in shares of MYR Group by 18.4% during the 1st quarter. Algert Global LLC now owns 5,030 shares of the utilities provider's stock valued at $569,000 after purchasing an additional 780 shares in the last quarter. Fox Run Management L.L.C. bought a new position in shares of MYR Group during the 1st quarter valued at about $1,179,000. Caitong International Asset Management Co. Ltd boosted its position in shares of MYR Group by 92.7% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider's stock valued at $39,000 after purchasing an additional 165 shares in the last quarter. Public Sector Pension Investment Board boosted its position in shares of MYR Group by 27.3% during the 1st quarter. Public Sector Pension Investment Board now owns 51,145 shares of the utilities provider's stock valued at $5,784,000 after purchasing an additional 10,982 shares in the last quarter. Finally, Nuveen LLC bought a new position in shares of MYR Group during the 1st quarter valued at about $18,511,000. Institutional investors own 88.90% of the company's stock.

MYR Group Stock Down 2.5%

Shares of NASDAQ MYRG traded down $4.61 during mid-day trading on Friday, reaching $179.88. The company had a trading volume of 126,818 shares, compared to its average volume of 180,465. The stock has a fifty day moving average of $187.12 and a two-hundred day moving average of $154.91. 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 company has a market capitalization of $2.79 billion, a price-to-earnings ratio of 37.55 and a beta of 1.18. MYR Group, Inc. has a 12-month low of $86.60 and a 12-month high of $220.01.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.56 by $0.14. The business had revenue of $900.33 million during the quarter, compared to analyst estimates of $828.20 million. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The firm's revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.91) earnings per share. As a group, equities research analysts expect that MYR Group, Inc. will post 1.16 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on MYRG. Piper Sandler upped their price objective on shares of MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a research note on Tuesday, May 27th. KeyCorp upped their price objective on shares of MYR Group from $205.00 to $211.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. The Goldman Sachs Group upped their price objective on shares of MYR Group from $168.00 to $205.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Stifel Nicolaus set a $210.00 price objective on shares of MYR Group in a research note on Monday, August 4th. Finally, Wall Street Zen raised shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $191.83.

MYR Group Company 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.