Stifel Financial Corp Decreases Position in MYR Group Inc. (NASDAQ:MYRG)

Stifel Financial Corp trimmed its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 37.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,561 shares of the utilities provider’s stock after selling 2,707 shares during the period. Stifel Financial Corp’s holdings in MYR Group were worth $466,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Bank of New York Mellon Corp lifted its stake in shares of MYR Group by 4.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 128,297 shares of the utilities provider’s stock valued at $17,411,000 after acquiring an additional 5,287 shares during the last quarter. TD Asset Management Inc boosted its stake in shares of MYR Group by 10.4% during the second quarter. TD Asset Management Inc now owns 5,300 shares of the utilities provider’s stock valued at $719,000 after purchasing an additional 500 shares during the period. Choreo LLC bought a new position in shares of MYR Group in the second quarter worth approximately $481,000. Texas Permanent School Fund Corp increased its stake in shares of MYR Group by 13.5% in the second quarter. Texas Permanent School Fund Corp now owns 16,600 shares of the utilities provider’s stock worth $2,253,000 after buying an additional 1,976 shares during the period. Finally, Mercer Global Advisors Inc. ADV raised its holdings in MYR Group by 0.6% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 28,000 shares of the utilities provider’s stock valued at $3,800,000 after buying an additional 160 shares during the last quarter. 88.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

MYRG has been the topic of a number of analyst reports. Robert W. Baird boosted their price objective on shares of MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. StockNews.com upgraded MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Stifel Nicolaus boosted their target price on MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. Finally, The Goldman Sachs Group raised their price target on MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $157.00.

MYR Group Stock Down 2.1 %

Shares of MYR Group stock opened at $150.07 on Friday. MYR Group Inc. has a 1 year low of $86.60 and a 1 year high of $181.02. The firm has a market cap of $2.42 billion, a price-to-earnings ratio of 65.53 and a beta of 0.93. The company has a 50-day moving average of $147.40 and a 200 day moving average of $127.95. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.40. The firm had revenue of $888.00 million during the quarter, compared to analyst estimates of $917.18 million. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The business’s revenue was down 5.5% on a year-over-year basis. During the same period last year, the business earned $1.28 earnings per share. As a group, sell-side analysts anticipate that MYR Group Inc. will post 1.16 earnings per share for the current fiscal year.

MYR Group Company 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.