Fred Alger Management LLC Sells 3,047 Shares of MYR Group Inc. (NASDAQ:MYRG)

Fred Alger Management LLC trimmed its holdings in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 18.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,464 shares of the utilities provider's stock after selling 3,047 shares during the period. Fred Alger Management LLC owned 0.08% of MYR Group worth $2,003,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. T. Rowe Price Investment Management Inc. raised its position in shares of MYR Group by 42.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider's stock valued at $79,942,000 after acquiring an additional 159,302 shares during the last quarter. Principal Financial Group Inc. increased its holdings in MYR Group by 3.7% in the third quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider's stock valued at $44,113,000 after purchasing an additional 15,361 shares during the last quarter. Wellington Management Group LLP acquired a new position in MYR Group in the fourth quarter valued at about $60,217,000. American Century Companies Inc. boosted its holdings in MYR Group by 38.2% during the fourth quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider's stock worth $49,368,000 after buying an additional 91,644 shares during the last quarter. Finally, Artisan Partners Limited Partnership grew its position in shares of MYR Group by 19.8% during the 4th quarter. Artisan Partners Limited Partnership now owns 324,139 shares of the utilities provider's stock worth $48,222,000 after buying an additional 53,496 shares during the period. 88.90% of the stock is owned by institutional investors.

MYR Group Stock Up 2.8%

NASDAQ:MYRG traded up $4.51 on Tuesday, hitting $164.30. 230,946 shares of the company's stock were exchanged, compared to its average volume of 216,158. The firm has a 50-day moving average price of $122.23 and a 200-day moving average price of $137.09. MYR Group Inc. has a 52 week low of $86.60 and a 52 week high of $168.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. The company has a market cap of $2.55 billion, a P/E ratio of 71.75 and a beta of 1.06.

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

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. The Goldman Sachs Group reduced their price objective on shares of MYR Group from $164.00 to $145.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. KeyCorp upped their price objective on shares of MYR Group from $136.00 to $163.00 and gave the company an "overweight" rating in a research report on Friday, May 2nd. StockNews.com raised MYR Group from a "hold" rating to a "buy" rating in a research note on Monday, May 5th. Robert W. Baird lifted their price objective on MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Finally, Piper Sandler lifted their price target on shares of MYR Group from $124.00 to $138.00 and gave the company a "neutral" rating in a research note on Monday, May 5th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, MYR Group currently has an average rating of "Moderate Buy" and an average price target of $149.40.

MYR Group 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.