Barclays PLC Lowers Position in MYR Group Inc. (NASDAQ:MYRG)

Barclays PLC cut its holdings in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 10.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 31,311 shares of the utilities provider's stock after selling 3,676 shares during the period. Barclays PLC owned 0.19% of MYR Group worth $4,658,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MYRG. MCF Advisors LLC boosted its stake in MYR Group by 470.0% during the 4th quarter. MCF Advisors LLC now owns 171 shares of the utilities provider's stock worth $25,000 after acquiring an additional 141 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new stake in MYR Group in the 4th quarter valued at about $47,000. Smartleaf Asset Management LLC boosted its position in MYR Group by 697.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider's stock worth $49,000 after purchasing an additional 286 shares during the period. GAMMA Investing LLC lifted its stake in shares of MYR Group by 27.0% during the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider's stock worth $83,000 after buying an additional 118 shares during the last quarter. Finally, ANTIPODES PARTNERS Ltd lifted its position in MYR Group by 13.2% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider's stock worth $92,000 after acquiring an additional 72 shares during the last quarter. 88.90% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MYRG. 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 report on Thursday. KeyCorp raised MYR Group from a "sector weight" rating to an "overweight" rating and set a $136.00 price target for the company in a report on Friday, March 14th. Stifel Nicolaus cut their target price 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. The Goldman Sachs Group reduced their price target on MYR Group from $164.00 to $145.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Finally, Piper Sandler assumed coverage on MYR Group in a report on Tuesday, April 8th. They issued a "neutral" rating and a $124.00 price objective for the company. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $141.20.

MYR Group Trading Up 2.0 %

Shares of MYRG stock traded up $2.90 during trading hours on Friday, hitting $150.00. 136,560 shares of the company were exchanged, compared to its average volume of 213,488. 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 market cap of $2.42 billion, a P/E ratio of 65.09 and a beta of 1.07. The company has a 50 day simple moving average of $117.63 and a two-hundred day simple moving average of $135.16. MYR Group Inc. has a fifty-two week low of $86.60 and a fifty-two week 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 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $788.98 million. During the same quarter in the previous year, the company posted $1.12 earnings per share. The company's quarterly revenue was up 2.2% on a year-over-year basis. Equities analysts anticipate that MYR Group Inc. will post 1.16 EPS 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.