T. Rowe Price Investment Management Inc. Sells 251,174 Shares of 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. lowered its stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 46.7% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 286,173 shares of the utilities provider's stock after selling 251,174 shares during the period. T. Rowe Price Investment Management Inc. owned approximately 1.84% of MYR Group worth $32,364,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of MYRG. Caitong International Asset Management Co. Ltd grew its stake in MYR Group by 92.7% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider's stock valued at $39,000 after buying an additional 165 shares during the last quarter. Versant Capital Management Inc grew its stake in MYR Group by 85.4% in the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock valued at $52,000 after buying an additional 210 shares during the last quarter. ANTIPODES PARTNERS Ltd grew its stake in MYR Group by 16.3% in the 1st quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider's stock valued at $81,000 after buying an additional 101 shares during the last quarter. CWM LLC grew its stake in MYR Group by 176.9% in the 1st quarter. CWM LLC now owns 1,293 shares of the utilities provider's stock valued at $146,000 after buying an additional 826 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale grew its stake in MYR Group by 43.3% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 1,622 shares of the utilities provider's stock valued at $186,000 after buying 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 topic of a number of research reports. KeyCorp upped their price target 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 target on shares of MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Wall Street Zen raised shares of MYR Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. Robert W. Baird upped their price target on shares of MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Finally, Piper Sandler upped their price target on shares of MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, MYR Group has a consensus rating of "Moderate Buy" and an average target price of $191.83.

MYR Group Price Performance

MYR Group stock traded up $4.63 during mid-day trading on Thursday, reaching $191.53. The company had a trading volume of 109,201 shares, compared to its average volume of 212,531. 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 current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.14. The company has a market cap of $2.97 billion, a P/E ratio of 39.94 and a beta of 1.17. The business has a fifty day simple moving average of $185.81 and a 200 day simple moving average of $152.45.

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

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.