MYR Group Inc. (NASDAQ:MYRG) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut its stake in MYR Group Inc. (NASDAQ:MYRG) by 2.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 233,522 shares of the utilities provider’s stock after selling 4,813 shares during the period. JPMorgan Chase & Co.’s holdings in MYR Group were worth $23,873,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. DekaBank Deutsche Girozentrale purchased a new position in shares of MYR Group in the third quarter worth $116,000. Millburn Ridgefield Corp purchased a new position in MYR Group in the 3rd quarter worth $130,000. Quest Partners LLC purchased a new position in MYR Group in the 3rd quarter worth $223,000. FMR LLC lifted its position in MYR Group by 90.2% during the 3rd quarter. FMR LLC now owns 2,336 shares of the utilities provider’s stock worth $239,000 after acquiring an additional 1,108 shares during the period. Finally, Aigen Investment Management LP purchased a new stake in MYR Group during the 3rd quarter valued at about $334,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Price Performance

Shares of NASDAQ MYRG opened at $145.59 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. The stock has a market capitalization of $2.35 billion, a price-to-earnings ratio of 63.58 and a beta of 0.96. The firm’s 50 day simple moving average is $152.36 and its 200-day simple moving average is $128.24. MYR Group Inc. has a 12 month low of $86.60 and a 12 month high of $181.02.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 EPS for the quarter, beating the consensus estimate of $0.25 by $0.40. The company had revenue of $888.00 million for 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 firm’s revenue was down 5.5% on a year-over-year basis. During the same quarter last year, the business earned $1.28 earnings per share. Analysts expect that MYR Group Inc. will post 1.16 EPS for the current year.

Wall Street Analysts Forecast Growth

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

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.