ProShare Advisors LLC Sells 784 Shares of MYR Group Inc. (NASDAQ:MYRG)

ProShare Advisors LLC cut its holdings in MYR Group Inc. (NASDAQ:MYRG) by 23.6% during the 2nd quarter, Holdings Channel reports. The fund owned 2,538 shares of the utilities provider’s stock after selling 784 shares during the period. ProShare Advisors LLC’s holdings in MYR Group were worth $344,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Bridges Investment Management Inc. bought a new position in MYR Group in the second quarter worth approximately $535,000. Intech Investment Management LLC bought a new position in MYR Group in the second quarter worth approximately $556,000. Inspire Investing LLC raised its position in MYR Group by 27.9% in the second quarter. Inspire Investing LLC now owns 2,590 shares of the utilities provider’s stock worth $351,000 after acquiring an additional 565 shares during the period. Hsbc Holdings PLC raised its position in MYR Group by 13.3% in the second quarter. Hsbc Holdings PLC now owns 5,113 shares of the utilities provider’s stock worth $695,000 after acquiring an additional 601 shares during the period. Finally, Mercer Global Advisors Inc. ADV raised its position in MYR Group by 0.6% in the second quarter. Mercer Global Advisors Inc. ADV now owns 28,000 shares of the utilities provider’s stock worth $3,800,000 after acquiring an additional 160 shares during the period. 88.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MYRG has been the topic of several recent research reports. Robert W. Baird decreased their price target on shares of MYR Group from $170.00 to $143.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Stifel Nicolaus decreased their price objective on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. The Goldman Sachs Group decreased their price objective on shares of MYR Group from $182.00 to $124.00 and set a “buy” rating on the stock in a research report on Thursday, September 19th. Finally, StockNews.com downgraded shares of MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $137.75.

MYR Group Stock Up 1.4 %

Shares of MYRG stock opened at $103.98 on Thursday. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of 20.15 and a beta of 0.93. MYR Group Inc. has a one year low of $86.60 and a one year high of $181.02. The company’s fifty day moving average price is $103.85 and its 200-day moving average price is $136.60. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.36 and a quick ratio of 1.36.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share for the quarter, missing the consensus estimate of $1.07 by ($1.98). The company had revenue of $828.89 million for the quarter, compared to analysts’ expectations of $876.07 million. MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The business’s revenue was down 6.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.33 earnings per share. Sell-side analysts expect that MYR Group Inc. will post 0.91 EPS for the current fiscal year.

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.