Duality Advisers LP Cuts Stock Position in MYR Group Inc. (NASDAQ:MYRG)

Duality Advisers LP cut its stake in MYR Group Inc. (NASDAQ:MYRG) by 30.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,830 shares of the utilities provider’s stock after selling 1,255 shares during the period. Duality Advisers LP’s holdings in MYR Group were worth $409,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of MYRG. American Century Companies Inc. lifted its stake in shares of MYR Group by 5.3% in the 3rd quarter. American Century Companies Inc. now owns 228,947 shares of the utilities provider’s stock valued at $30,853,000 after purchasing an additional 11,594 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in MYR Group by 1.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 216,423 shares of the utilities provider’s stock worth $29,165,000 after buying an additional 2,143 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in MYR Group by 9.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 163,191 shares of the utilities provider’s stock worth $21,992,000 after buying an additional 13,439 shares in the last quarter. Neumeier Poma Investment Counsel LLC boosted its holdings in MYR Group by 8.0% during the third quarter. Neumeier Poma Investment Counsel LLC now owns 157,077 shares of the utilities provider’s stock worth $21,168,000 after buying an additional 11,670 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in MYR Group by 85.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 110,119 shares of the utilities provider’s stock worth $15,927,000 after buying an additional 50,848 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

MYR Group Price Performance

MYR Group stock opened at $166.06 on Friday. MYR Group Inc. has a 12-month low of $110.87 and a 12-month high of $181.02. The stock has a market cap of $2.78 billion, a P/E ratio of 30.64 and a beta of 1.08. The company has a 50-day moving average price of $164.88 and a 200 day moving average price of $145.25. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.05.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, February 28th. The utilities provider reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.02. The company had revenue of $1 billion during the quarter, compared to analyst estimates of $904.76 million. MYR Group had a net margin of 2.50% and a return on equity of 14.80%. MYR Group’s revenue was up 16.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.46 earnings per share. Sell-side analysts anticipate that MYR Group Inc. will post 6.64 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. KeyCorp assumed coverage on shares of MYR Group in a report on Wednesday, January 10th. They set a “sector weight” rating on the stock. Sidoti cut shares of MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 target price for the company. in a research report on Monday, February 26th. Finally, Stifel Nicolaus reduced their target price on shares of MYR Group from $185.00 to $184.00 and set a “buy” rating for the company in a research report on Tuesday, April 16th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, MYR Group presently has a consensus rating of “Hold” and an average price target of $170.75.

MYR Group Company 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.