Shell Asset Management Co. Sells 851 Shares of MYR Group Inc. (NASDAQ:MYRG)

Shell Asset Management Co. decreased its stake in MYR Group Inc. (NASDAQ:MYRGGet Rating) by 12.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,745 shares of the utilities provider’s stock after selling 851 shares during the period. Shell Asset Management Co.’s holdings in MYR Group were worth $540,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Versor Investments LP bought a new stake in MYR Group in the first quarter worth about $343,000. Mitchell Capital Management Co. raised its position in shares of MYR Group by 3.9% in the first quarter. Mitchell Capital Management Co. now owns 24,139 shares of the utilities provider’s stock valued at $2,270,000 after purchasing an additional 908 shares during the period. Comerica Bank raised its position in shares of MYR Group by 1.2% in the first quarter. Comerica Bank now owns 14,778 shares of the utilities provider’s stock valued at $1,377,000 after purchasing an additional 175 shares during the period. ARGI Investment Services LLC raised its position in shares of MYR Group by 20.1% in the first quarter. ARGI Investment Services LLC now owns 25,574 shares of the utilities provider’s stock valued at $2,405,000 after purchasing an additional 4,281 shares during the period. Finally, Meritage Portfolio Management raised its position in shares of MYR Group by 11.5% in the first quarter. Meritage Portfolio Management now owns 3,849 shares of the utilities provider’s stock valued at $362,000 after purchasing an additional 397 shares during the period. Institutional investors own 86.17% of the company’s stock.

MYR Group Stock Performance

MYR Group stock opened at $95.21 on Wednesday. The firm’s 50 day simple moving average is $89.12 and its 200 day simple moving average is $90.32. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $1.59 billion, a PE ratio of 19.39 and a beta of 1.10. MYR Group Inc. has a 1-year low of $74.77 and a 1-year high of $121.22.

MYR Group (NASDAQ:MYRGGet Rating) last posted its earnings results on Wednesday, July 27th. The utilities provider reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.05. The business had revenue of $708.11 million for the quarter, compared to analyst estimates of $681.15 million. MYR Group had a net margin of 3.24% and a return on equity of 16.18%. MYR Group’s revenue was up 9.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.24 EPS. As a group, analysts expect that MYR Group Inc. will post 5.05 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on MYRG shares. StockNews.com raised shares of MYR Group from a “hold” rating to a “buy” rating in a research report on Friday, July 29th. Stifel Nicolaus boosted their price target on shares of MYR Group from $101.00 to $110.00 in a research report on Tuesday.

MYR Group Company Profile

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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, renewable power facilities, and limited gas construction services, as well as emergency restoration services in response to hurricane, ice, or other storm related damages.

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Institutional Ownership by Quarter for MYR Group (NASDAQ:MYRG)

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