Mirae Asset Global Investments Co. Ltd. Lowers Stake in MYR Group Inc. (NASDAQ:MYRG)

Mirae Asset Global Investments Co. Ltd. reduced its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 15.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 133,867 shares of the utilities provider’s stock after selling 24,708 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in MYR Group were worth $23,661,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. grew its position in MYR Group by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 1,260,930 shares of the utilities provider’s stock worth $182,368,000 after purchasing an additional 5,055 shares during the last quarter. Victory Capital Management Inc. grew its position in MYR Group by 9.7% during the 4th quarter. Victory Capital Management Inc. now owns 272,876 shares of the utilities provider’s stock worth $39,466,000 after purchasing an additional 24,135 shares during the last quarter. American Century Companies Inc. grew its position in MYR Group by 5.3% during the 3rd quarter. American Century Companies Inc. now owns 228,947 shares of the utilities provider’s stock worth $30,853,000 after purchasing an additional 11,594 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of MYR Group by 0.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 217,313 shares of the utilities provider’s stock worth $31,430,000 after acquiring an additional 890 shares during the period. Finally, Capital World Investors acquired a new stake in shares of MYR Group in the 4th quarter worth $20,781,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Price Performance

Shares of NASDAQ MYRG traded down $2.85 during midday trading on Friday, hitting $132.58. The company had a trading volume of 123,182 shares, compared to its average volume of 145,627. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.05. MYR Group Inc. has a twelve month low of $110.87 and a twelve month high of $181.02. The business has a 50-day simple moving average of $148.93 and a two-hundred day simple moving average of $153.57. The firm has a market capitalization of $2.22 billion, a price-to-earnings ratio of 25.69 and a beta of 0.99.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $1.12 EPS for the quarter, beating the consensus estimate of $1.02 by $0.10. MYR Group had a net margin of 2.38% and a return on equity of 13.64%. The firm had revenue of $815.56 million during the quarter, compared to analysts’ expectations of $854.13 million. During the same quarter last year, the business earned $1.38 earnings per share. The business’s revenue for the quarter was up .5% compared to the same quarter last year. Equities research analysts anticipate that MYR Group Inc. will post 5.5 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. 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 note on Tuesday, April 16th. Robert W. Baird reduced their target price on shares of MYR Group from $185.00 to $180.00 and set an “outperform” rating for the company in a research note on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $173.25.

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.