Two Sigma Advisers LP Sells 36,100 Shares of MYR Group Inc. (NASDAQ:MYRG)

Two Sigma Advisers LP reduced its position in MYR Group Inc. (NASDAQ:MYRG - Free Report) by 85.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,100 shares of the utilities provider's stock after selling 36,100 shares during the quarter. Two Sigma Advisers LP's holdings in MYR Group were worth $907,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. ANTIPODES PARTNERS Ltd raised its position in MYR Group by 13.2% in the fourth quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider's stock valued at $92,000 after purchasing an additional 72 shares during the period. Captrust Financial Advisors lifted its holdings in MYR Group by 0.9% during the 4th quarter. Captrust Financial Advisors now owns 8,519 shares of the utilities provider's stock worth $1,267,000 after buying an additional 75 shares during the last quarter. Morgan Dempsey Capital Management LLC lifted its holdings in MYR Group by 17.5% during the 4th quarter. Morgan Dempsey Capital Management LLC now owns 1,317 shares of the utilities provider's stock worth $196,000 after buying an additional 196 shares during the last quarter. Bank of Montreal Can lifted its holdings in MYR Group by 6.3% during the 4th quarter. Bank of Montreal Can now owns 3,356 shares of the utilities provider's stock worth $499,000 after buying an additional 199 shares during the last quarter. Finally, Rhumbline Advisers grew its stake in MYR Group by 0.5% during the 4th quarter. Rhumbline Advisers now owns 45,246 shares of the utilities provider's stock worth $6,731,000 after buying an additional 216 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

MYR Group Stock Up 2.6%

NASDAQ MYRG traded up $4.24 during trading on Thursday, reaching $164.53. The company's stock had a trading volume of 224,189 shares, compared to its average volume of 224,154. 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 stock has a market capitalization of $2.55 billion, a PE ratio of 71.85 and a beta of 1.06. MYR Group Inc. has a 1-year low of $86.60 and a 1-year high of $168.88. The business has a 50-day moving average price of $137.36 and a 200-day moving average price of $139.94.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share for the quarter, beating analysts' consensus estimates of $1.18 by $0.27. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The firm had revenue of $833.62 million during the quarter, compared to the consensus estimate of $788.98 million. During the same period in the prior year, the firm earned $1.12 EPS. The business's revenue was up 2.2% on a year-over-year basis. On average, research analysts forecast that MYR Group Inc. will post 1.16 earnings per share for the current fiscal year.

Analysts Set New Price Targets

MYRG has been the topic of several recent analyst reports. The Goldman Sachs Group dropped their target price on MYR Group from $164.00 to $145.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. Stifel Nicolaus reduced their price target 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. Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Piper Sandler increased their price target on MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. Finally, KeyCorp increased their price target on MYR Group from $136.00 to $163.00 and gave the company an "overweight" rating in a report on Friday, May 2nd. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, MYR Group currently has an average rating of "Buy" and a consensus target price of $152.40.

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.