American Century Companies Inc. Sells 12,397 Shares of MYR Group Inc. (NASDAQ:MYRG)

American Century Companies Inc. lessened its stake in shares of MYR Group Inc. (NASDAQ:MYRG) by 5.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 197,041 shares of the utilities provider’s stock after selling 12,397 shares during the quarter. American Century Companies Inc.’s holdings in MYR Group were worth $26,740,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in MYRG. UniSuper Management Pty Ltd bought a new stake in MYR Group during the first quarter valued at about $645,000. Trexquant Investment LP bought a new stake in shares of MYR Group in the 4th quarter valued at about $1,017,000. Trillium Asset Management LLC grew its position in shares of MYR Group by 60.3% in the 1st quarter. Trillium Asset Management LLC now owns 77,694 shares of the utilities provider’s stock worth $13,733,000 after buying an additional 29,215 shares during the last quarter. Capital World Investors bought a new position in shares of MYR Group during the 4th quarter worth approximately $20,781,000. Finally, Essex Investment Management Co. LLC purchased a new stake in MYR Group during the first quarter valued at approximately $1,359,000. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

MYR Group Trading Down 2.8 %

NASDAQ:MYRG opened at $97.88 on Thursday. The company has a market capitalization of $1.64 billion, a P/E ratio of 19.32 and a beta of 0.93. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.06. MYR Group Inc. has a 12 month low of $86.60 and a 12 month high of $181.02. The firm has a fifty day simple moving average of $113.16 and a 200-day simple moving average of $140.96.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($1.98). The firm had revenue of $828.89 million for the quarter, compared to analyst estimates of $876.07 million. MYR Group had a return on equity of 7.65% and a net margin of 1.37%. The business’s revenue was down 6.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.33 EPS. On average, equities research analysts anticipate that MYR Group Inc. will post 0.91 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on MYRG. Robert W. Baird cut their price target on shares of MYR Group from $170.00 to $143.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Stifel Nicolaus dropped their target price on MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Finally, StockNews.com cut MYR Group from a “hold” rating to a “sell” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $147.75.

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.