Thornburg Investment Management Inc. Cuts Stake in MYR Group, Inc. (NASDAQ:MYRG)

Key Points

• Thornburg Investment Management Inc. reduced its holdings in MYR Group, Inc. by 19.9% during the first quarter, now owning 0.70% of the company valued at approximately $12.35 million.
• MYR Group's recent earnings report exceeded analysts' expectations, with an EPS of $1.45 against a consensus of $1.18 and revenue of $833.62 million.
• Analysts have mixed ratings on MYR Group, with Goldman Sachs downgrading it to "neutral," while others have upgraded their targets, reflecting varied market sentiments.

Thornburg Investment Management Inc. lowered its holdings in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 19.9% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 109,161 shares of the utilities provider's stock after selling 27,099 shares during the quarter. Thornburg Investment Management Inc. owned about 0.70% of MYR Group worth $12,345,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in MYRG. Versant Capital Management Inc raised its stake in MYR Group by 85.4% during the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock worth $52,000 after acquiring an additional 210 shares in the last quarter. ANTIPODES PARTNERS Ltd lifted its stake in MYR Group by 16.3% in the first 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. Quadrant Capital Group LLC lifted its stake in MYR Group by 52.4% in the fourth quarter. Quadrant Capital Group LLC now owns 666 shares of the utilities provider's stock valued at $99,000 after buying an additional 229 shares during the last quarter. CWM LLC lifted its stake in MYR Group by 176.9% in the first 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 lifted its stake in MYR Group by 43.3% in the first 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. Hedge funds and other institutional investors own 88.90% of the company's stock.

MYR Group Price Performance

Shares of NASDAQ MYRG traded down $6.06 on Friday, hitting $187.44. The company's stock had a trading volume of 276,715 shares, compared to its average volume of 215,380. MYR Group, Inc. has a 12-month low of $86.60 and a 12-month high of $220.01. The company has a market capitalization of $2.91 billion, a price-to-earnings ratio of 39.13 and a beta of 1.19. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.31 and a quick ratio of 1.31. The stock has a 50 day moving average of $177.07 and a 200-day moving average of $147.34.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings data 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. MYR Group had a return on equity of 13.19% and a net margin of 2.21%. The business had revenue of $900.33 million for the quarter, compared to the consensus estimate of $828.20 million. During the same period in the prior year, the business earned ($0.91) earnings per share. The business's revenue was up 8.6% on a year-over-year basis. As a group, research analysts predict that MYR Group, Inc. will post 1.16 EPS for the current year.

Analysts Set New Price Targets

MYRG has been the subject of several recent research reports. Piper Sandler increased their target price on shares of MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. Stifel Nicolaus lifted their price objective on shares of MYR Group from $174.00 to $204.00 and gave the company a "buy" rating in a research report on Friday, July 11th. KeyCorp lifted their price objective on shares of MYR Group from $205.00 to $211.00 and gave the company an "overweight" rating in a research report on Friday. Wall Street Zen upgraded shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Finally, Robert W. Baird boosted their target price on MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $181.20.

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.