JPMorgan Chase & Co. Cuts Stake in MYR Group Inc. (NASDAQ:MYRG)

JPMorgan Chase & Co. lowered its holdings in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 2.0% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 233,522 shares of the utilities provider's stock after selling 4,813 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.45% of MYR Group worth $23,873,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. Tidal Investments LLC grew its holdings in MYR Group by 2.0% during the third quarter. Tidal Investments LLC now owns 4,286 shares of the utilities provider's stock valued at $438,000 after purchasing an additional 83 shares during the period. Mercer Global Advisors Inc. ADV grew its stake in shares of MYR Group by 0.6% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 28,000 shares of the utilities provider's stock valued at $3,800,000 after acquiring an additional 160 shares during the period. TD Asset Management Inc increased its holdings in MYR Group by 10.4% in the 2nd quarter. TD Asset Management Inc now owns 5,300 shares of the utilities provider's stock worth $719,000 after acquiring an additional 500 shares in the last quarter. Encompass Capital Advisors LLC raised its stake in MYR Group by 1.2% during the 2nd quarter. Encompass Capital Advisors LLC now owns 48,187 shares of the utilities provider's stock worth $6,539,000 after acquiring an additional 554 shares during the period. Finally, Inspire Investing LLC lifted its holdings in MYR Group by 27.9% during the second quarter. Inspire Investing LLC now owns 2,590 shares of the utilities provider's stock valued at $351,000 after purchasing an additional 565 shares in the last quarter. Institutional investors own 88.90% of the company's stock.

MYR Group Trading Up 1.4 %

Shares of MYR Group stock traded up $1.96 on Thursday, hitting $145.59. 212,541 shares of the company traded hands, compared to its average volume of 209,248. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The company has a market cap of $2.35 billion, a PE ratio of 63.58 and a beta of 0.96. The stock's 50 day moving average price is $152.65 and its 200-day moving average price is $128.36. MYR Group Inc. has a 52 week low of $86.60 and a 52 week high of $181.02.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings results 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 for the quarter, compared to analyst estimates of $917.18 million. During the same quarter last year, the firm posted $1.28 earnings per share. The business's revenue for the quarter was down 5.5% on a year-over-year basis. Equities research analysts predict that MYR Group Inc. will post 1.16 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Robert W. Baird boosted their price target on MYR Group from $131.00 to $138.00 and gave the stock an "outperform" rating in a report on Thursday, October 31st. Stifel Nicolaus boosted their target price on shares of MYR Group from $153.00 to $172.00 and gave the stock a "buy" rating in a report on Wednesday, December 11th. StockNews.com raised shares of MYR Group from a "sell" rating to a "hold" rating in a research note on Monday, November 4th. Finally, The Goldman Sachs Group boosted their price target 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. 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 data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $157.00.

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.