Allspring Global Investments Holdings LLC Has $3.13 Million Stock Position in MYR Group Inc. (NASDAQ:MYRG)

Allspring Global Investments Holdings LLC raised its position in MYR Group Inc. (NASDAQ:MYRG) by 2.4% during the third quarter, HoldingsChannel.com reports. The firm owned 30,645 shares of the utilities provider’s stock after buying an additional 728 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in MYR Group were worth $3,133,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in MYRG. Vanguard Group Inc. grew its holdings in MYR Group by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 1,260,930 shares of the utilities provider’s stock valued at $182,368,000 after purchasing an additional 5,055 shares during the last quarter. Capital World Investors grew its stake in MYR Group by 578.4% in the 1st quarter. Capital World Investors now owns 974,748 shares of the utilities provider’s stock valued at $172,287,000 after buying an additional 831,066 shares during the last quarter. Swedbank AB bought a new position in MYR Group in the 1st quarter worth $51,452,000. Millennium Management LLC lifted its position in MYR Group by 68.9% during the 2nd quarter. Millennium Management LLC now owns 171,329 shares of the utilities provider’s stock worth $23,251,000 after acquiring an additional 69,886 shares during the last quarter. Finally, Driehaus Capital Management LLC increased its stake in shares of MYR Group by 16.4% in the second quarter. Driehaus Capital Management LLC now owns 141,534 shares of the utilities provider’s stock worth $19,208,000 after purchasing an additional 19,904 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Price Performance

Shares of MYR Group stock opened at $116.46 on Wednesday. The firm has a market cap of $1.92 billion, a P/E ratio of 39.88 and a beta of 0.93. The firm’s 50-day simple moving average is $105.33 and its 200-day simple moving average is $129.07. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $181.02. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.36 and a current ratio of 1.36.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data 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 analyst estimates of $876.07 million. During the same period in the previous year, the firm posted $1.33 earnings per share. The firm’s revenue for the quarter was down 6.7% compared to the same quarter last year. As a group, research analysts expect that MYR Group Inc. will post 0.88 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have issued reports on MYRG shares. Robert W. Baird lowered their target price on 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 decreased their price target 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 dropped their price objective on shares of MYR Group from $182.00 to $124.00 and set a “buy” rating on the stock in a report on Thursday, September 19th. Finally, StockNews.com downgraded MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, September 18th. 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 company. According to MarketBeat, MYR Group has an average rating of “Hold” and a consensus price target of $137.75.

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.