Illinois Municipal Retirement Fund Lowers Holdings in MYR Group Inc. (NASDAQ:MYRG)

Illinois Municipal Retirement Fund decreased its position in MYR Group Inc. (NASDAQ:MYRG) by 3.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,542 shares of the utilities provider’s stock after selling 378 shares during the quarter. Illinois Municipal Retirement Fund owned 0.06% of MYR Group worth $1,380,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in MYRG. Daiwa Securities Group Inc. acquired a new stake in MYR Group in the fourth quarter valued at approximately $29,000. IFP Advisors Inc acquired a new stake in MYR Group in the third quarter valued at approximately $54,000. Planned Solutions Inc. acquired a new stake in MYR Group in the fourth quarter valued at approximately $130,000. Quantbot Technologies LP raised its holdings in MYR Group by 446.3% in the third quarter. Quantbot Technologies LP now owns 1,475 shares of the utilities provider’s stock valued at $199,000 after acquiring an additional 1,205 shares in the last quarter. Finally, Assetmark Inc. raised its holdings in MYR Group by 15.2% in the third quarter. Assetmark Inc. now owns 1,689 shares of the utilities provider’s stock valued at $228,000 after acquiring an additional 223 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

Analysts Set New Price Targets

MYRG has been the topic of several analyst reports. Sidoti cut shares of MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 target price on the stock. in a report on Monday, February 26th. KeyCorp started coverage on shares of MYR Group in a report on Wednesday, January 10th. They set a “sector weight” rating on the stock. Finally, Stifel Nicolaus cut their price objective on shares of MYR Group from $185.00 to $184.00 and set a “buy” rating on the stock in a report on Tuesday, April 16th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $170.75.

MYR Group Stock Up 1.3 %

MYRG stock opened at $168.16 on Friday. The company’s 50 day moving average is $165.32 and its two-hundred day moving average is $145.66. The stock has a market cap of $2.81 billion, a P/E ratio of 31.03 and a beta of 1.08. MYR Group Inc. has a twelve month low of $110.87 and a twelve month high of $181.02. 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 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.02. The business had revenue of $1 billion for the quarter, compared to analysts’ expectations of $904.76 million. MYR Group had a net margin of 2.50% and a return on equity of 14.80%. The company’s quarterly revenue was up 16.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.46 EPS. Research analysts expect that MYR Group Inc. will post 6.64 earnings per share for the current fiscal year.

About MYR Group

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.