MYR Group Inc (MYRG) Stake Decreased by Fisher Asset Management LLC

Fisher Asset Management LLC cut its stake in shares of MYR Group Inc (NASDAQ:MYRG) by 24.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 64,111 shares of the utilities provider’s stock after selling 20,432 shares during the quarter. Fisher Asset Management LLC’s holdings in MYR Group were worth $2,093,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Sheets Smith Wealth Management grew its stake in shares of MYR Group by 11.6% during the 2nd quarter. Sheets Smith Wealth Management now owns 13,655 shares of the utilities provider’s stock worth $484,000 after purchasing an additional 1,421 shares during the period. Paloma Partners Management Co grew its stake in shares of MYR Group by 16.2% during the 2nd quarter. Paloma Partners Management Co now owns 11,100 shares of the utilities provider’s stock worth $394,000 after purchasing an additional 1,545 shares during the period. Global X Management Co LLC grew its stake in shares of MYR Group by 19.1% during the 2nd quarter. Global X Management Co LLC now owns 10,135 shares of the utilities provider’s stock worth $359,000 after purchasing an additional 1,623 shares during the period. Legal & General Group Plc grew its stake in shares of MYR Group by 6.9% during the 2nd quarter. Legal & General Group Plc now owns 32,582 shares of the utilities provider’s stock worth $1,151,000 after purchasing an additional 2,105 shares during the period. Finally, Principal Financial Group Inc. grew its stake in shares of MYR Group by 2.4% during the 1st quarter. Principal Financial Group Inc. now owns 126,178 shares of the utilities provider’s stock worth $3,889,000 after purchasing an additional 2,990 shares during the period. 87.69% of the stock is currently owned by institutional investors and hedge funds.

MYR Group stock opened at $33.76 on Friday. MYR Group Inc has a 52 week low of $28.93 and a 52 week high of $40.81. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.86 and a current ratio of 1.86. The stock has a market capitalization of $563.73 million, a P/E ratio of 41.68 and a beta of 0.47.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, October 31st. The utilities provider reported $0.48 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.06). MYR Group had a return on equity of 7.81% and a net margin of 2.18%. The business had revenue of $399.50 million during the quarter, compared to analysts’ expectations of $404.01 million. During the same quarter in the prior year, the firm earned $0.31 earnings per share. MYR Group’s quarterly revenue was up 6.4% on a year-over-year basis. Analysts forecast that MYR Group Inc will post 1.86 EPS for the current fiscal year.

A number of equities analysts have recently weighed in on MYRG shares. BidaskClub cut shares of MYR Group from a “sell” rating to a “strong sell” rating in a research note on Friday, September 21st. Robert W. Baird cut shares of MYR Group from an “outperform” rating to a “neutral” rating in a research note on Friday, August 3rd. Zacks Investment Research cut shares of MYR Group from a “hold” rating to a “sell” rating in a research note on Wednesday, October 10th. Stifel Nicolaus upped their price target on shares of MYR Group from $37.00 to $41.00 and gave the stock a “hold” rating in a research note on Tuesday, July 10th. Finally, B. Riley lowered their price target on shares of MYR Group from $40.00 to $39.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 7th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $40.00.

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 and the renewable energy industries.

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Institutional Ownership by Quarter for MYR Group (NASDAQ:MYRG)

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