Thrivent Financial for Lutherans Has $1.89 Million Stake in MYR Group Inc. (NASDAQ:MYRG)

Thrivent Financial for Lutherans cut its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 39.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,917 shares of the utilities provider’s stock after selling 9,233 shares during the quarter. Thrivent Financial for Lutherans owned about 0.08% of MYR Group worth $1,889,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Capital World Investors lifted its holdings in MYR Group by 578.4% during the 1st quarter. Capital World Investors now owns 974,748 shares of the utilities provider’s stock worth $172,287,000 after purchasing an additional 831,066 shares during the last quarter. Swedbank AB bought a new stake in MYR Group during the first quarter worth about $51,452,000. F M Investments LLC bought a new position in MYR Group in the 2nd quarter valued at about $10,800,000. Assenagon Asset Management S.A. bought a new position in MYR Group in the 2nd quarter valued at about $5,163,000. Finally, Trillium Asset Management LLC raised 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 valued at $13,733,000 after buying an additional 29,215 shares in the last quarter. Institutional investors own 88.90% of the company’s stock.

Analyst Ratings Changes

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

MYR Group Stock Up 1.4 %

MYRG stock opened at $103.98 on Thursday. The stock’s fifty day simple moving average is $103.85 and its two-hundred day simple moving average is $136.60. 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 1-year low of $86.60 and a 1-year high of $181.02. The stock has a market cap of $1.74 billion, a P/E ratio of 20.15 and a beta of 0.93.

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 analysts’ consensus estimates of $1.07 by ($1.98). MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The company had revenue of $828.89 million for the quarter, compared to analysts’ expectations of $876.07 million. During the same period in the previous year, the firm earned $1.33 EPS. The firm’s quarterly revenue was down 6.7% compared to the same quarter last year. Analysts expect that MYR Group Inc. will post 0.91 EPS for the current year.

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.