MYR Group Inc. (NASDAQ:MYRG) Shares Sold by Sherbrooke Park Advisers LLC

Sherbrooke Park Advisers LLC cut its holdings 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 Securities and Exchange Commission. The firm owned 1,994 shares of the utilities provider's stock after selling 5,053 shares during the quarter. Sherbrooke Park Advisers LLC's holdings in MYR Group were worth $297,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in MYRG. Wellington Management Group LLP purchased a new stake in MYR Group in the fourth quarter valued at approximately $60,217,000. ACK Asset Management LLC acquired a new position in shares of MYR Group in the 4th quarter valued at $29,754,000. T. Rowe Price Investment Management Inc. grew its stake in shares of MYR Group by 42.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider's stock valued at $79,942,000 after buying an additional 159,302 shares during the period. Millennium Management LLC grew its stake in shares of MYR Group by 38.4% during the 4th quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider's stock valued at $68,706,000 after buying an additional 128,159 shares during the period. Finally, Next Century Growth Investors LLC increased its holdings in shares of MYR Group by 513.8% during the 4th quarter. Next Century Growth Investors LLC now owns 151,610 shares of the utilities provider's stock worth $22,555,000 after buying an additional 126,910 shares during the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on MYRG shares. The Goldman Sachs Group reduced their target price on MYR Group from $164.00 to $145.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Stifel Nicolaus reduced their price objective on MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a research note on Wednesday, April 9th. Piper Sandler boosted their target price on MYR Group from $124.00 to $138.00 and gave the stock a "neutral" rating in a report on Monday, May 5th. 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 report on Thursday, May 1st. Finally, KeyCorp lifted their price target on shares of MYR Group from $136.00 to $163.00 and gave the company an "overweight" rating in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $149.40.

MYR Group Stock Down 2.3%

Shares of MYRG traded down $3.74 during midday trading on Thursday, reaching $157.07. 273,855 shares of the company were exchanged, compared to its average volume of 219,902. MYR Group Inc. has a 1-year low of $86.60 and a 1-year high of $168.88. The stock has a 50-day moving average price of $129.24 and a 200-day moving average price of $138.89. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The company has a market cap of $2.44 billion, a price-to-earnings ratio of 68.59 and a beta of 1.06.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.45 EPS for the quarter, beating 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%. MYR Group's revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.12 earnings per share. Research analysts expect that MYR Group Inc. will post 1.16 earnings per share for the current year.

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.