Northern Trust Corp Grows Stock Holdings in MYR Group Inc. (NASDAQ:MYRG)

Northern Trust Corp raised its position in MYR Group Inc. (NASDAQ:MYRG - Free Report) by 1.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 183,156 shares of the utilities provider's stock after acquiring an additional 3,422 shares during the quarter. Northern Trust Corp owned approximately 1.14% of MYR Group worth $27,248,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company lifted its stake in MYR Group by 3.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 8,568 shares of the utilities provider's stock worth $1,275,000 after purchasing an additional 313 shares during the last quarter. Boothbay Fund Management LLC raised its holdings in MYR Group by 55.7% during the fourth quarter. Boothbay Fund Management LLC now owns 6,468 shares of the utilities provider's stock worth $962,000 after purchasing an additional 2,314 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of MYR Group during the 4th quarter worth approximately $208,000. Two Sigma Securities LLC purchased a new stake in shares of MYR Group during the 4th quarter worth approximately $242,000. Finally, Voya Investment Management LLC boosted its holdings in shares of MYR Group by 185.0% in the 4th quarter. Voya Investment Management LLC now owns 165,447 shares of the utilities provider's stock valued at $24,614,000 after buying an additional 107,403 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

MYR Group Stock Performance

MYRG stock traded down $0.23 during trading on Wednesday, hitting $164.07. The company had a trading volume of 184,325 shares, compared to its average volume of 216,031. The firm has a 50-day moving average price of $123.13 and a 200-day moving average price of $137.28. 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 firm has a market cap of $2.55 billion, a PE ratio of 71.65 and a beta of 1.06. MYR Group Inc. has a 1-year low of $86.60 and a 1-year high of $168.88.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share 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 business had revenue of $833.62 million for the quarter, compared to the consensus estimate of $788.98 million. During the same quarter in the previous year, the firm earned $1.12 earnings per share. The business's quarterly revenue was up 2.2% compared to the same quarter last year. On average, analysts expect that MYR Group Inc. will post 1.16 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on MYRG shares. StockNews.com raised shares of MYR Group from a "hold" rating to a "buy" rating in a research report on Monday, May 5th. Robert W. Baird lifted their target price on MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Stifel Nicolaus reduced their price objective on MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. The Goldman Sachs Group lowered their target price on shares of MYR Group from $164.00 to $145.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. Finally, Piper Sandler upped their price target on shares of MYR Group from $124.00 to $138.00 and gave the company a "neutral" rating in a research report on Monday, May 5th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $149.40.

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.