Algert Global LLC Sells 1,730 Shares of MYR Group Inc. (NASDAQ:MYRG)

Algert Global LLC cut its stake in MYR Group Inc. (NASDAQ:MYRG - Free Report) by 28.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,250 shares of the utilities provider's stock after selling 1,730 shares during the period. Algert Global LLC's holdings in MYR Group were worth $632,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of MYRG. Wellington Management Group LLP purchased a new position in MYR Group during the fourth quarter valued at $60,217,000. ACK Asset Management LLC bought a new position in shares of MYR Group in the 4th quarter worth about $29,754,000. T. Rowe Price Investment Management Inc. increased its stake in shares of MYR Group by 42.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider's stock worth $79,942,000 after acquiring an additional 159,302 shares in the last quarter. Next Century Growth Investors LLC lifted its position in MYR Group by 513.8% during the 4th quarter. Next Century Growth Investors LLC now owns 151,610 shares of the utilities provider's stock valued at $22,555,000 after acquiring an additional 126,910 shares during the period. Finally, Voya Investment Management LLC boosted its stake in MYR Group by 185.0% during the fourth quarter. Voya Investment Management LLC now owns 165,447 shares of the utilities provider's stock worth $24,614,000 after acquiring an additional 107,403 shares in the last quarter. 88.90% of the stock is owned by institutional investors.

MYR Group Stock Up 2.8%

MYRG stock traded up $4.51 during midday trading on Tuesday, hitting $164.30. The company's stock had a trading volume of 230,946 shares, compared to its average volume of 216,158. The firm's 50-day moving average is $123.13 and its 200-day moving average is $137.28. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. MYR Group Inc. has a 12 month low of $86.60 and a 12 month high of $168.88. The company has a market cap of $2.55 billion, a PE ratio of 71.75 and a beta of 1.06.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings results 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. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The firm had revenue of $833.62 million for the quarter, compared to the consensus estimate of $788.98 million. During the same period in the prior year, the company posted $1.12 earnings per share. The company's quarterly revenue was up 2.2% on a year-over-year basis. On average, equities research analysts forecast that MYR Group Inc. will post 1.16 earnings per share for the current fiscal year.

Analysts Set New Price Targets

MYRG has been the subject of several recent research reports. 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 report on Thursday, May 1st. 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 report on Thursday, April 24th. KeyCorp boosted 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. StockNews.com raised MYR Group from a "hold" rating to a "buy" rating in a research note on Monday, May 5th. Finally, Piper Sandler lifted their price target on MYR Group from $124.00 to $138.00 and gave the stock a "neutral" rating in a research report on Monday, May 5th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, MYR Group currently has an average rating of "Moderate Buy" and a consensus target price of $149.40.

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.