Allspring Global Investments Holdings LLC Sells 10,974 Shares of MYR Group Inc. (NASDAQ:MYRG)

Allspring Global Investments Holdings LLC trimmed its position in shares of MYR Group Inc. (NASDAQ:MYRG) by 21.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,580 shares of the utilities provider’s stock after selling 10,974 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.24% of MYR Group worth $5,869,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. lifted its holdings in shares of MYR Group by 1.8% during the 2nd quarter. BlackRock Inc. now owns 3,049,734 shares of the utilities provider’s stock valued at $421,900,000 after buying an additional 54,182 shares during the period. Vanguard Group Inc. lifted its holdings in shares of MYR Group by 3.1% during the 3rd quarter. Vanguard Group Inc. now owns 1,228,706 shares of the utilities provider’s stock valued at $104,109,000 after buying an additional 37,252 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of MYR Group by 25.4% during the 4th quarter. Victory Capital Management Inc. now owns 635,475 shares of the utilities provider’s stock valued at $58,508,000 after buying an additional 128,881 shares during the period. State Street Corp lifted its holdings in shares of MYR Group by 0.9% during the 2nd quarter. State Street Corp now owns 595,022 shares of the utilities provider’s stock valued at $82,315,000 after buying an additional 5,385 shares during the period. Finally, Millennium Management LLC increased its stake in shares of MYR Group by 13.8% in the 4th quarter. Millennium Management LLC now owns 560,654 shares of the utilities provider’s stock worth $51,619,000 after purchasing an additional 67,933 shares in the last quarter. 88.90% of the stock is owned by institutional investors.

MYR Group Trading Down 1.3 %

Shares of MYRG stock opened at $158.83 on Friday. MYR Group Inc. has a 52-week low of $110.87 and a 52-week high of $181.02. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.37 and a current ratio of 1.37. The firm has a market capitalization of $2.66 billion, a PE ratio of 29.30 and a beta of 1.08. The stock has a fifty day simple moving average of $164.35 and a two-hundred day simple moving average of $144.18.

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

Analysts Set New Price Targets

Several equities research analysts have recently commented on MYRG shares. KeyCorp started coverage on MYR Group in a research note on Wednesday, January 10th. They issued a “sector weight” rating for the company. Sidoti lowered MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price objective for the company. in a research note on Monday, February 26th. Finally, Stifel Nicolaus reduced their price objective on MYR Group from $185.00 to $184.00 and set a “buy” rating for the company in a research note on Tuesday. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, MYR Group presently has a consensus rating of “Hold” and an average target price of $170.75.

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.