F M Investments LLC Decreases Stake in MYR Group Inc. (NASDAQ:MYRG)

F M Investments LLC reduced its holdings in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 51.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,862 shares of the utilities provider's stock after selling 40,715 shares during the period. F M Investments LLC owned approximately 0.24% of MYR Group worth $3,973,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MYRG. US Bancorp DE increased its stake in MYR Group by 2,187.8% during the 3rd quarter. US Bancorp DE now owns 5,422 shares of the utilities provider's stock valued at $554,000 after purchasing an additional 5,185 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new position in shares of MYR Group in the 3rd quarter valued at $116,000. Assenagon Asset Management S.A. raised its stake in MYR Group by 387.9% in the 3rd 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. Jade Capital Advisors LLC acquired a new stake in MYR Group during the 3rd quarter worth about $2,045,000. Finally, Allspring Global Investments Holdings LLC grew its stake in MYR Group by 2.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 30,645 shares of the utilities provider's stock valued at $3,133,000 after purchasing an additional 728 shares during the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. The Goldman Sachs Group reduced their price objective on MYR Group from $182.00 to $124.00 and set a "buy" rating for the company in a research note on Thursday, September 19th. Stifel Nicolaus decreased their price objective on shares of MYR Group from $172.00 to $119.00 and set a "buy" rating for the company in a research note on Monday, August 5th. StockNews.com cut shares of MYR Group from a "hold" rating to a "sell" rating in a report on Wednesday, September 18th. Finally, Robert W. Baird increased their price target on MYR Group from $131.00 to $138.00 and gave the stock an "outperform" rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $136.50.

MYR Group Stock Performance

Shares of MYRG traded down $0.91 during trading hours on Friday, hitting $130.09. The stock had a trading volume of 503,444 shares, compared to its average volume of 244,789. The firm has a market capitalization of $2.10 billion, a price-to-earnings ratio of 56.81 and a beta of 0.89. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.36 and a current ratio of 1.35. The firm has a 50-day moving average price of $106.69 and a 200 day moving average price of $128.48. MYR Group Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $181.02.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its earnings results on Wednesday, October 30th. The utilities provider reported $0.65 EPS for the quarter, beating analysts' consensus estimates of $0.25 by $0.40. The firm had revenue of $888.00 million for the quarter, compared to analysts' expectations of $917.18 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The company's quarterly revenue was down 5.5% on a year-over-year basis. During the same period last year, the firm earned $1.28 EPS. As a group, research analysts anticipate that MYR Group Inc. will post 0.88 EPS for the current year.

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 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.