MYR Group, Inc. $MYRG Shares Sold by Thornburg Investment Management Inc.

Thornburg Investment Management Inc. cut its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 15.2% during the third quarter, Holdings Channel reports. The firm owned 82,696 shares of the utilities provider’s stock after selling 14,857 shares during the quarter. Thornburg Investment Management Inc.’s holdings in MYR Group were worth $17,203,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. CWA Asset Management Group LLC purchased a new stake in MYR Group during the third quarter valued at about $1,506,000. Russell Investments Group Ltd. raised its holdings in shares of MYR Group by 22.4% during the second quarter. Russell Investments Group Ltd. now owns 75,878 shares of the utilities provider’s stock valued at $13,768,000 after acquiring an additional 13,889 shares during the period. XTX Topco Ltd lifted its position in shares of MYR Group by 110.0% in the 2nd quarter. XTX Topco Ltd now owns 9,593 shares of the utilities provider’s stock valued at $1,741,000 after acquiring an additional 5,024 shares in the last quarter. SG Americas Securities LLC acquired a new position in MYR Group in the 3rd quarter worth approximately $1,516,000. Finally, Prudential Financial Inc. boosted its stake in MYR Group by 62.7% in the 2nd quarter. Prudential Financial Inc. now owns 26,975 shares of the utilities provider’s stock worth $4,895,000 after purchasing an additional 10,391 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the company. Zacks Research cut MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 30th. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 21st. Weiss Ratings raised MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 22nd. Stifel Nicolaus upped their target price on MYR Group from $237.00 to $262.00 and gave the company a “buy” rating in a report on Monday, January 26th. Finally, The Goldman Sachs Group raised their price target on shares of MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a report on Friday, November 14th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $218.71.

MYR Group Price Performance

Shares of MYRG opened at $274.01 on Thursday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.33 and a current ratio of 1.33. The firm has a market cap of $4.25 billion, a PE ratio of 44.27 and a beta of 1.17. The firm’s 50 day moving average price is $246.91 and its 200 day moving average price is $219.18. MYR Group, Inc. has a twelve month low of $97.72 and a twelve month high of $284.98.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, February 25th. The utilities provider reported $2.33 EPS for the quarter, topping the consensus estimate of $1.73 by $0.60. MYR Group had a net margin of 2.78% and a return on equity of 16.65%. The company had revenue of $973.54 million for the quarter, compared to analyst estimates of $897.73 million. During the same quarter in the prior year, the business posted $0.99 EPS. MYR Group’s quarterly revenue was up 17.3% on a year-over-year basis. As a group, research analysts expect that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

MYR Group Company Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.