MYR Group Inc. (NASDAQ:MYRG) Position Trimmed by Sherbrooke Park Advisers LLC

Sherbrooke Park Advisers LLC decreased its stake in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 71.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,994 shares of the utilities provider's stock after selling 5,053 shares during the period. Sherbrooke Park Advisers LLC's holdings in MYR Group were worth $297,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of MYRG. Silvercrest Asset Management Group LLC raised its stake in MYR Group by 5.7% during the fourth 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 period. Southport Management L.L.C. acquired a new stake in MYR Group during the fourth quarter worth about $893,000. ProShare Advisors LLC raised its stake in MYR Group by 41.0% during the fourth quarter. ProShare Advisors LLC now owns 4,826 shares of the utilities provider's stock worth $718,000 after acquiring an additional 1,404 shares during the period. Nuveen Asset Management LLC raised its stake in MYR Group by 28.6% during the fourth quarter. Nuveen Asset Management LLC now owns 162,202 shares of the utilities provider's stock worth $24,131,000 after acquiring an additional 36,111 shares during the period. Finally, Needham Investment Management LLC raised its stake in MYR Group by 20.0% during the fourth quarter. Needham Investment Management LLC now owns 30,000 shares of the utilities provider's stock worth $4,463,000 after acquiring an additional 5,000 shares during the period. Institutional investors own 88.90% of the company's stock.

MYR Group Price Performance

Shares of NASDAQ MYRG traded up $0.34 during mid-day trading on Friday, reaching $157.41. 221,845 shares of the company traded hands, compared to its average volume of 221,646. MYR Group Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $168.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. The firm has a market cap of $2.44 billion, a PE ratio of 68.74 and a beta of 1.06. The stock has a fifty day simple moving average of $130.63 and a 200-day simple moving average of $139.11.

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

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Piper Sandler increased their price objective on shares of MYR Group from $124.00 to $138.00 and gave the stock a "neutral" rating in a research note on Monday, May 5th. KeyCorp increased 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. Robert W. Baird raised their price target on shares of MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Wall Street Zen upgraded shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Finally, Stifel Nicolaus dropped their price target on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a research note on Wednesday, April 9th. 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 data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $149.40.

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.