Victory Capital Management Inc. Sells 413,811 Shares of MYR Group Inc. (NASDAQ:MYRG)

Victory Capital Management Inc. trimmed its position in shares of MYR Group Inc. (NASDAQ:MYRG) by 95.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,704 shares of the utilities provider’s stock after selling 413,811 shares during the period. Victory Capital Management Inc.’s holdings in MYR Group were worth $1,810,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. RiverPark Advisors LLC increased its holdings in MYR Group by 21.9% during the 2nd quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider’s stock valued at $148,000 after purchasing an additional 196 shares during the period. DekaBank Deutsche Girozentrale purchased a new stake in MYR Group in the third quarter worth $116,000. Moody National Bank Trust Division purchased a new stake in shares of MYR Group in the 2nd quarter worth about $240,000. Inspire Investing LLC boosted its position in shares of MYR Group by 27.9% during the second quarter. Inspire Investing LLC now owns 2,590 shares of the utilities provider’s stock valued at $351,000 after purchasing an additional 565 shares in the last quarter. Finally, Scientech Research LLC bought a new stake in MYR Group during the second quarter worth about $403,000. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MYRG has been the topic of a number of research analyst reports. StockNews.com raised MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. The Goldman Sachs Group increased their price objective on shares of MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Stifel Nicolaus decreased 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, Robert W. Baird lifted their price target on shares of MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, MYR Group currently has a consensus rating of “Moderate Buy” and an average target price of $143.75.

MYR Group Stock Up 2.2 %

Shares of MYRG opened at $151.05 on Monday. 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 moving average price of $121.81 and a 200-day moving average price of $126.78. The firm has a market capitalization of $2.43 billion, a P/E ratio of 65.96 and a beta of 0.89. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.40. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The business had revenue of $888.00 million during the quarter, compared to analysts’ expectations of $917.18 million. During the same period in the prior year, the business earned $1.28 EPS. The business’s revenue for the quarter was down 5.5% compared to the same quarter last year. Equities research analysts expect that MYR Group Inc. will post 1.16 earnings per share 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.