Fred Alger Management LLC Has $1.69 Million Stake in MYR Group Inc. (NASDAQ:MYRG)

Fred Alger Management LLC lessened its position in MYR Group Inc. (NASDAQ:MYRG) by 88.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,511 shares of the utilities provider’s stock after selling 124,843 shares during the period. Fred Alger Management LLC owned 0.10% of MYR Group worth $1,688,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Principal Financial Group Inc. lifted its holdings in shares of MYR Group by 3.7% during the third quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock worth $44,113,000 after purchasing an additional 15,361 shares during the period. Swedbank AB lifted its holdings in MYR Group by 6.0% during the 3rd quarter. Swedbank AB now owns 267,000 shares of the utilities provider’s stock worth $27,295,000 after buying an additional 15,000 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of MYR Group by 8.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 233,055 shares of the utilities provider’s stock valued at $23,825,000 after buying an additional 17,580 shares during the last quarter. TimesSquare Capital Management LLC increased its stake in shares of MYR Group by 178.5% in the third quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider’s stock valued at $21,794,000 after buying an additional 136,643 shares during the period. Finally, Assenagon Asset Management S.A. raised its position in shares of MYR Group by 387.9% during the third quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider’s stock worth $18,978,000 after acquiring an additional 147,598 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. StockNews.com raised shares of MYR Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. The Goldman Sachs Group lifted their target price on shares of MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Robert W. Baird upped their price target on shares of MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Finally, Stifel Nicolaus lowered their price objective on MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $143.75.

MYR Group Price Performance

MYRG stock opened at $157.90 on Monday. MYR Group Inc. has a 1 year low of $86.60 and a 1 year high of $181.02. The stock has a market capitalization of $2.55 billion, a PE ratio of 68.95 and a beta of 0.89. The company’s 50-day moving average is $127.61 and its 200-day moving average is $127.07. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.65 EPS for the quarter, beating the consensus estimate of $0.25 by $0.40. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The firm had revenue of $888.00 million during the quarter, compared to the consensus estimate of $917.18 million. During the same quarter in the previous year, the company posted $1.28 earnings per share. The company’s quarterly revenue was down 5.5% on a year-over-year basis. Equities research analysts expect that MYR Group Inc. will post 1.16 EPS for the current fiscal year.

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.