Fred Alger Management LLC Cuts Stock Holdings in MYR Group Inc. (NASDAQ:MYRG)

Fred Alger Management LLC reduced its stake in MYR Group Inc. (NASDAQ:MYRG) by 88.3% in the third quarter, HoldingsChannel reports. The institutional investor owned 16,511 shares of the utilities provider’s stock after selling 124,843 shares during the quarter. Fred Alger Management LLC’s holdings in MYR Group were worth $1,688,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. DekaBank Deutsche Girozentrale purchased a new position in shares of MYR Group in the 3rd quarter worth approximately $116,000. RiverPark Advisors LLC boosted its position in MYR Group by 21.9% in the second quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider’s stock worth $148,000 after purchasing an additional 196 shares during the last quarter. Quest Partners LLC bought a new position in MYR Group in the 3rd quarter valued at $223,000. FMR LLC increased its position in shares of MYR Group by 90.2% during the 3rd quarter. FMR LLC now owns 2,336 shares of the utilities provider’s stock valued at $239,000 after purchasing an additional 1,108 shares during the last quarter. Finally, Moody National Bank Trust Division bought a new stake in shares of MYR Group during the 2nd quarter worth $240,000. 88.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on MYRG shares. StockNews.com upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Stifel Nicolaus decreased their price target 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. Robert W. Baird upped their price objective on MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Finally, The Goldman Sachs Group raised their target price on MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, MYR Group presently has an average rating of “Moderate Buy” and a consensus price target of $143.75.

MYR Group Stock Performance

NASDAQ MYRG opened at $157.90 on Monday. The firm has a market cap of $2.55 billion, a P/E ratio of 68.95 and a beta of 0.89. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. The company’s 50 day moving average is $127.61 and its 200-day moving average is $127.07. MYR Group Inc. has a 12-month low of $86.60 and a 12-month high of $181.02.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.40. The company had revenue of $888.00 million during 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 firm’s quarterly revenue was down 5.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.28 earnings per share. Sell-side analysts predict that MYR Group Inc. will post 1.16 earnings per share 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.