T. Rowe Price Investment Management Inc. Decreases Stock Position in MYR Group, Inc. $MYRG

Key Points

• T. Rowe Price Investment Management Inc. reduced its stake in MYR Group by 46.7% in Q1, now holding approximately 286,173 shares valued at $32.36 million.
• Several other institutional investors also adjusted their positions in MYR Group, with notable increases from Caitong International Asset Management (92.7%) and Versant Capital Management (85.4%).
• Analysts have a consensus rating of "Moderate Buy" for MYR Group, with price targets raised by several firms, including KeyCorp and Stifel Nicolaus, reflecting positive outlooks for the stock.

T. Rowe Price Investment Management Inc. lessened its stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 46.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 286,173 shares of the utilities provider's stock after selling 251,174 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 1.84% of MYR Group worth $32,364,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd increased its stake in MYR Group by 92.7% during the first quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider's stock worth $39,000 after acquiring an additional 165 shares during the last quarter. Versant Capital Management Inc increased its stake in MYR Group by 85.4% during the first quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock worth $52,000 after acquiring an additional 210 shares during the last quarter. ANTIPODES PARTNERS Ltd increased its stake in MYR Group by 16.3% during the first quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider's stock worth $81,000 after acquiring an additional 101 shares during the last quarter. CWM LLC increased its stake in MYR Group by 176.9% during the first quarter. CWM LLC now owns 1,293 shares of the utilities provider's stock worth $146,000 after acquiring an additional 826 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale increased its stake in MYR Group by 43.3% during the first quarter. DekaBank Deutsche Girozentrale now owns 1,622 shares of the utilities provider's stock worth $186,000 after acquiring an additional 490 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

Analyst Ratings Changes

MYRG has been the subject of several recent analyst reports. The Goldman Sachs Group raised their target price on MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Jefferies Financial Group initiated coverage on MYR Group in a research note on Friday, August 15th. They set a "hold" rating and a $202.00 target price for the company. KeyCorp raised their target price on MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Stifel Nicolaus set a $210.00 price objective on MYR Group in a research note on Monday, August 4th. Finally, Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, MYR Group presently has an average rating of "Moderate Buy" and a consensus target price of $191.83.

MYR Group Trading Down 1.9%

Shares of NASDAQ MYRG traded down $3.67 during trading on Friday, reaching $187.86. The stock had a trading volume of 62,280 shares, compared to its average volume of 212,210. The company has a market cap of $2.92 billion, a P/E ratio of 39.05 and a beta of 1.17. The business's 50-day moving average price is $186.28 and its 200-day moving average price is $152.76. MYR Group, Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $220.01. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.33 and a current ratio of 1.33.

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