MYR Group Inc. (NASDAQ:MYRG) Shares Sold by Mercer Global Advisors Inc. ADV

Mercer Global Advisors Inc. ADV decreased its position in MYR Group Inc. (NASDAQ:MYRG - Free Report) by 85.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,193 shares of the utilities provider's stock after selling 23,903 shares during the quarter. Mercer Global Advisors Inc. ADV's holdings in MYR Group were worth $624,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. T. Rowe Price Investment Management Inc. raised its holdings in shares of MYR Group by 42.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider's stock valued at $79,942,000 after purchasing an additional 159,302 shares during the last quarter. Principal Financial Group Inc. increased its stake in MYR Group by 3.7% in the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider's stock worth $44,113,000 after buying an additional 15,361 shares in the last quarter. Wellington Management Group LLP purchased a new position in MYR Group in the 4th quarter worth approximately $60,217,000. American Century Companies Inc. grew its stake 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 valued at $49,368,000 after acquiring an additional 91,644 shares in the last quarter. Finally, Artisan Partners Limited Partnership lifted its position in shares of MYR Group by 19.8% in the fourth 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 in the last quarter. Institutional investors own 88.90% of the company's stock.

MYR Group Stock Up 2.8%

MYRG stock traded up $4.51 during mid-day trading on Tuesday, reaching $164.30. The company had a trading volume of 230,946 shares, compared to its average volume of 216,158. MYR Group Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $168.88. The company has a market capitalization of $2.55 billion, a price-to-earnings ratio of 71.75 and a beta of 1.06. 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 firm has a fifty day simple moving average of $123.13 and a 200 day simple moving average of $137.28.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share for the quarter, topping 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 company had revenue of $833.62 million for the quarter, compared to analysts' expectations of $788.98 million. During the same quarter last year, the company earned $1.12 earnings per share. The firm's revenue for the quarter was up 2.2% on a year-over-year basis. Analysts forecast that MYR Group Inc. will post 1.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on MYRG shares. 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 research report on Wednesday, April 9th. KeyCorp upped their target price on MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a report on Friday, May 2nd. Piper Sandler boosted their price objective on shares of MYR Group from $124.00 to $138.00 and gave the stock a "neutral" rating in a research note on Monday, May 5th. StockNews.com upgraded shares of MYR Group from a "hold" rating to a "buy" rating in a research note on Monday, May 5th. Finally, The Goldman Sachs Group reduced their price objective on MYR Group from $164.00 to $145.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, MYR Group presently has an average rating of "Moderate Buy" and a consensus price target of $149.40.

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.