MYR Group Inc. (NASDAQ:MYRG) Stock Holdings Lessened by Dimensional Fund Advisors LP

Dimensional Fund Advisors LP reduced its stake in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 3.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 565,280 shares of the utilities provider's stock after selling 20,105 shares during the quarter. Dimensional Fund Advisors LP owned 3.51% of MYR Group worth $84,098,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Wellington Management Group LLP acquired a new position in shares of MYR Group during the 4th quarter worth $60,217,000. ACK Asset Management LLC purchased a new stake in shares of MYR Group in the fourth quarter valued at about $29,754,000. Next Century Growth Investors LLC grew its position in shares of MYR Group by 513.8% in the fourth quarter. Next Century Growth Investors LLC now owns 151,610 shares of the utilities provider's stock valued at $22,555,000 after purchasing an additional 126,910 shares during the last quarter. Boston Partners purchased a new position in shares of MYR Group during the 4th quarter worth approximately $14,811,000. Finally, American Century Companies Inc. raised its position in shares of MYR Group by 38.2% during the 4th quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider's stock worth $49,368,000 after purchasing an additional 91,644 shares during the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MYRG has been the subject of several recent research reports. The Goldman Sachs Group dropped their price target on MYR Group from $164.00 to $145.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Robert W. Baird boosted their target price on shares of MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a research note on Thursday. KeyCorp boosted 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. Stifel Nicolaus lowered their target price on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Finally, Piper Sandler assumed coverage on MYR Group in a research note on Tuesday, April 8th. They set a "neutral" rating and a $124.00 price target on the stock. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $146.60.

MYR Group Trading Up 5.1 %

Shares of MYRG traded up $7.47 during mid-day trading on Friday, hitting $154.57. The company had a trading volume of 497,925 shares, compared to its average volume of 214,004. MYR Group Inc. has a 1-year low of $86.60 and a 1-year high of $168.88. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. The business's 50-day simple moving average is $118.30 and its 200-day simple moving average is $135.40. The stock has a market cap of $2.49 billion, a PE ratio of 67.50 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 the consensus estimate 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 during the quarter, compared to analysts' expectations of $788.98 million. During the same period in the previous year, the company earned $1.12 EPS. The business's quarterly revenue was up 2.2% compared to the same quarter last year. Sell-side analysts forecast that MYR Group Inc. will post 1.16 earnings per share for the current 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.