Dimensional Fund Advisors LP Lowers Stock Position in MYR Group Inc. (NASDAQ:MYRG)

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

Several other large investors also recently modified their holdings of MYRG. Allspring Global Investments Holdings LLC increased its position in MYR Group by 77.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 54,405 shares of the utilities provider's stock worth $8,045,000 after buying an additional 23,760 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of MYR Group by 3.7% in the third quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider's stock worth $44,113,000 after purchasing an additional 15,361 shares in the last quarter. GAMMA Investing LLC raised its position in shares of MYR Group by 27.0% in the fourth quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider's stock valued at $83,000 after purchasing an additional 118 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of MYR Group by 12.3% during the 4th quarter. Bank of New York Mellon Corp now owns 238,740 shares of the utilities provider's stock valued at $35,517,000 after buying an additional 26,205 shares in the last quarter. Finally, Truist Financial Corp boosted its holdings in MYR Group by 51.1% in the 4th quarter. Truist Financial Corp now owns 3,402 shares of the utilities provider's stock worth $506,000 after buying an additional 1,150 shares during the period. Hedge funds and other institutional investors own 88.90% of the company's stock.

MYR Group Trading Down 1.1 %

Shares of MYR Group stock traded down $1.76 on Monday, hitting $152.82. The stock had a trading volume of 37,363 shares, compared to its average volume of 213,191. The stock has a market cap of $2.47 billion, a price-to-earnings ratio of 66.64 and a beta of 1.07. 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 stock's 50-day simple moving average is $118.30 and its two-hundred day simple moving average is $135.57. MYR Group Inc. has a one year low of $86.60 and a one year high of $168.88.

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 the consensus estimate of $1.18 by $0.27. The business had revenue of $833.62 million during 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 business's revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the business posted $1.12 EPS. As a group, sell-side analysts predict that MYR Group Inc. will post 1.16 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on MYRG. Stifel Nicolaus cut their price target on MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. The Goldman Sachs Group cut their price target on shares of MYR Group from $164.00 to $145.00 and set a "buy" rating for the company in a report on Thursday, April 24th. KeyCorp lifted their price objective on MYR Group from $136.00 to $163.00 and gave the company an "overweight" rating in a research note on Friday. Piper Sandler initiated coverage on MYR Group in a research report on Tuesday, April 8th. They set a "neutral" rating and a $124.00 price target for the company. Finally, Robert W. Baird lifted their target price on shares of MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $146.60.

About MYR Group

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.