Allspring Global Investments Holdings LLC Decreases Holdings in MYR Group, Inc. $MYRG

Allspring Global Investments Holdings LLC cut its holdings in MYR Group, Inc. (NASDAQ:MYRG) by 42.6% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 27,922 shares of the utilities provider’s stock after selling 20,763 shares during the period. Allspring Global Investments Holdings LLC’s holdings in MYR Group were worth $5,640,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. J. Safra Sarasin Holding AG boosted its stake in shares of MYR Group by 55.7% during the second quarter. J. Safra Sarasin Holding AG now owns 27,694 shares of the utilities provider’s stock valued at $5,025,000 after purchasing an additional 9,909 shares during the period. HB Wealth Management LLC bought a new stake in MYR Group during the 2nd quarter valued at $224,000. Vanguard Personalized Indexing Management LLC purchased a new stake in MYR Group during the 2nd quarter valued at $211,000. Prudential Financial Inc. boosted its position in MYR Group by 62.7% during the 2nd quarter. Prudential Financial Inc. now owns 26,975 shares of the utilities provider’s stock valued at $4,895,000 after buying an additional 10,391 shares during the period. Finally, Russell Investments Group Ltd. grew its holdings in MYR Group by 22.4% in the 2nd quarter. Russell Investments Group Ltd. now owns 75,878 shares of the utilities provider’s stock worth $13,768,000 after acquiring an additional 13,889 shares during the last quarter. 88.90% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MYRG has been the topic of a number of research analyst reports. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Zacks Research cut MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 30th. KeyCorp restated a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. The Goldman Sachs Group raised their price target on MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a research note on Friday, November 14th. Finally, Clear Str raised shares of MYR Group to a “strong-buy” rating in a research report on Monday, December 15th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $201.67.

Insider Buying and Selling at MYR Group

In related news, COO Don A. Egan sold 2,900 shares of the company’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total value of $676,860.00. Following the sale, the chief operating officer owned 5,797 shares in the company, valued at $1,353,019.80. This represents a 33.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.80% of the stock is owned by insiders.

MYR Group Trading Up 1.2%

NASDAQ MYRG opened at $235.44 on Wednesday. The firm has a market capitalization of $3.65 billion, a PE ratio of 38.04 and a beta of 1.18. The stock’s 50 day moving average is $223.50 and its 200 day moving average is $202.07. MYR Group, Inc. has a twelve month low of $97.72 and a twelve month high of $241.13. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.11.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.82 by $0.23. MYR Group had a net margin of 2.78% and a return on equity of 16.65%. The business had revenue of $950.40 million for the quarter, compared to analysts’ expectations of $931.72 million. During the same quarter in the prior year, the company earned $0.65 earnings per share. The business’s revenue was up 7.0% compared to the same quarter last year. Research analysts forecast that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

MYR Group Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.