JPMorgan Cuts MYR Group Holdings by 1%, Other Firms Adjust Stakes

JPMorgan Chase & Co. has reduced its holdings in MYR Group, Inc. (NASDAQ: MYRG) by 1.0%, according to a recent Form 13F filing with the Securities and Exchange Commission (SEC). The financial institution now owns 200,858 shares of the utility provider, having sold 2,055 shares during the second quarter of 2023. This adjustment brings JPMorgan’s total investment in MYR Group to approximately $36.4 million, representing 1.29% of the company’s stock.

Other institutional investors have also modified their positions in MYR Group. Notably, Entropy Technologies LP purchased new shares valued at about $744,000 during the same quarter. Additionally, Dynamic Technology Lab Private Ltd acquired a stake worth approximately $472,000, while Neumeier Poma Investment Counsel LLC increased its holdings by 0.8%, now owning a total of 118,233 shares valued at around $21.5 million. Semanteon Capital Management LP and Integrated Quantitative Investments LLC also entered the market, contributing new stakes valued at $469,000 and $1.4 million, respectively. Overall, institutional investors and hedge funds own approximately 88.90% of MYR Group’s stock.

Insider Transactions and Stock Performance

In related developments, MYR Group’s Chief Operating Officer, Don A. Egan, sold 2,900 shares of the company’s stock on November 4, 2023, at an average price of $233.40. This transaction amounted to $676,860, reducing Egan’s ownership by 33.34%. Following the sale, he retains 5,797 shares, valued at approximately $1.35 million. Insider ownership currently accounts for 1.80% of the company’s total stock.

MYR Group reported its third-quarter earnings on October 29, 2023, announcing earnings per share of $2.05, exceeding analysts’ expectations of $1.82 by $0.23. The company achieved a return on equity of 16.94% and a net margin of 2.78%. Revenue for the quarter reached $950.4 million, surpassing the consensus estimate of $931.72 million. This represents a year-over-year revenue increase of 7.0%, with earnings per share rising from $0.65 in the same quarter last year.

Analysts Update Price Targets

Several research analysts have recently revised their price targets for MYR Group. Stifel Nicolaus raised its price objective from $210.00 to $226.00 and assigned a “buy” rating on October 9, 2023. Meanwhile, Jefferies Financial Group initiated coverage of MYR Group, setting a “hold” rating with a price target of $202.00. The Goldman Sachs Group also increased its price target, moving it from $205.00 to $248.00 while maintaining a “neutral” rating. Wall Street Zen upgraded MYR Group from a “buy” to a “strong-buy” rating on November 17, 2023. Currently, two analysts recommend a buy, while five rate it as a hold, leading to an average consensus rating of “hold” with a target price of $201.67.

MYR Group, Inc. provides electrical construction services across the United States and Canada. The company operates through two primary segments: Transmission and Distribution, and Commercial and Industrial. Its services range from the construction and maintenance of electric transmission networks to emergency restoration services following natural disasters.