Marshall Wace LLP Trims Holdings in MYR Group Inc. (NASDAQ:MYRG)

Marshall Wace LLP lessened its stake in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 57.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,229 shares of the utilities provider's stock after selling 9,590 shares during the quarter. Marshall Wace LLP's holdings in MYR Group were worth $1,075,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Wellington Management Group LLP acquired a new position in shares of MYR Group during the fourth quarter worth $60,217,000. ACK Asset Management LLC acquired a new stake in shares of MYR Group in the fourth quarter valued at about $29,754,000. Next Century Growth Investors LLC raised its position in shares of MYR Group by 513.8% during the fourth quarter. Next Century Growth Investors LLC now owns 151,610 shares of the utilities provider's stock worth $22,555,000 after acquiring an additional 126,910 shares during the last quarter. Boston Partners bought a new position in MYR Group during the 4th quarter worth approximately $14,811,000. Finally, American Century Companies Inc. increased its position in shares of 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 period. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MYRG. Robert W. Baird raised 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. KeyCorp lifted their price target on shares of MYR Group from $136.00 to $163.00 and gave the company an "overweight" rating in a research report on Friday. Piper Sandler began coverage on shares of MYR Group in a research report on Tuesday, April 8th. They issued a "neutral" rating and a $124.00 price target on the stock. Stifel Nicolaus cut their price objective on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. Finally, The Goldman Sachs Group reduced their target price on shares of MYR Group from $164.00 to $145.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $146.60.

MYR Group Stock Performance

NASDAQ:MYRG traded down $1.76 during trading hours on Monday, reaching $152.82. The stock had a trading volume of 37,363 shares, compared to its average volume of 213,190. MYR Group Inc. has a 12-month low of $86.60 and a 12-month high of $168.88. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. The stock has a 50 day simple moving average of $118.30 and a 200 day simple moving average of $135.57. The stock has a market cap of $2.47 billion, a P/E ratio of 66.64 and a beta of 1.07.

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

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.