MYR Group, Inc. $MYRG Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. reduced its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 5.2% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 190,445 shares of the utilities provider’s stock after selling 10,413 shares during the period. JPMorgan Chase & Co.’s holdings in MYR Group were worth $39,618,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. MAI Capital Management lifted its stake in shares of MYR Group by 44.8% in the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 56 shares during the period. Elevation Point Wealth Partners LLC purchased a new stake in MYR Group during the second quarter worth about $34,000. Salomon & Ludwin LLC acquired a new position in MYR Group during the third quarter worth about $34,000. First Horizon Corp purchased a new position in MYR Group in the third quarter valued at about $47,000. Finally, Johnson Financial Group Inc. purchased a new position in MYR Group in the third quarter valued at about $74,000. 88.90% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MYRG has been the topic of several research analyst reports. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 21st. Clear Str raised MYR Group to a “strong-buy” rating in a research note on Monday, December 15th. Cantor Fitzgerald lifted their price objective on MYR Group from $285.00 to $311.00 and gave the stock an “overweight” rating in a report on Monday, March 2nd. The Goldman Sachs Group upped their target price on MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a report on Tuesday, March 3rd. Finally, Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $235.43.

MYR Group Stock Performance

MYR Group stock opened at $259.68 on Friday. MYR Group, Inc. has a fifty-two week low of $97.72 and a fifty-two week high of $290.87. The company has a market capitalization of $4.04 billion, a price-to-earnings ratio of 34.49 and a beta of 1.15. The stock has a fifty day moving average of $261.34 and a two-hundred day moving average of $228.94. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.33 and a current ratio of 1.33.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.60. The business had revenue of $973.54 million for the quarter, compared to the consensus estimate of $897.73 million. MYR Group had a return on equity of 19.66% and a net margin of 3.24%.The business’s revenue was up 17.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.99 earnings per share. On average, analysts anticipate that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

MYR Group Company 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.