Townsend & Associates Inc Sells 14,934 Shares of MYR Group, Inc. $MYRG

Key Points

• Townsend & Associates Inc sold 14,934 shares of MYR Group, Inc., reducing its stake by 11.7% and now holding approximately 112,890 shares, valued at around $22.6 million.
• MYR Group reported earnings of $1.70 per share for the last quarter, surpassing analyst expectations of $1.56, with revenues reaching $900.33 million, an increase of 8.6% year-over-year.
• Institutional investors own approximately 88.90% of MYR Group’s stock, indicating strong institutional interest in the company.

Townsend & Associates Inc trimmed its position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 11.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 112,890 shares of the utilities provider's stock after selling 14,934 shares during the quarter. MYR Group makes up 2.3% of Townsend & Associates Inc's holdings, making the stock its 14th biggest holding. Townsend & Associates Inc owned approximately 0.73% of MYR Group worth $22,612,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in MYRG. Maseco LLP acquired a new stake in MYR Group in the second quarter worth $28,000. Quarry LP boosted its position in shares of MYR Group by 190.4% during the 1st quarter. Quarry LP now owns 273 shares of the utilities provider's stock worth $31,000 after purchasing an additional 179 shares in the last quarter. UMB Bank n.a. grew its stake in shares of MYR Group by 266.0% in the 2nd quarter. UMB Bank n.a. now owns 194 shares of the utilities provider's stock valued at $35,000 after buying an additional 141 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in shares of 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 period. Finally, ANTIPODES PARTNERS Ltd increased its position 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 in the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

MYR Group Stock Down 0.9%

MYRG stock opened at $208.02 on Monday. The stock has a fifty day moving average of $189.70 and a 200-day moving average of $170.53. MYR Group, Inc. has a fifty-two week low of $97.72 and a fifty-two week high of $220.01. The company has a market capitalization of $3.23 billion, a price-to-earnings ratio of 43.43 and a beta of 1.19. 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 quarterly earnings data on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share for the quarter, beating analysts' consensus estimates of $1.56 by $0.14. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The business had revenue of $900.33 million during the quarter, compared to analyst estimates of $828.20 million. During the same period in the previous year, the business earned ($0.91) EPS. MYR Group's revenue was up 8.6% compared to the same quarter last year. As a group, equities research analysts predict that MYR Group, Inc. will post 1.16 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have weighed in on MYRG. Stifel Nicolaus upped their price objective on shares of MYR Group from $210.00 to $226.00 and gave the stock a "buy" rating in a report on Thursday, October 9th. Wall Street Zen lowered shares of MYR Group from a "strong-buy" rating to a "buy" rating in a report on Friday, October 3rd. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of MYR Group in a research report on Wednesday, October 8th. The Goldman Sachs Group boosted their price objective on MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Finally, KeyCorp reissued a "sector weight" rating on shares of MYR Group in a research note on Wednesday, October 1st. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $194.50.

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.

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