MYR Group Inc. (NASDAQ:MYRG) Shares Bought by Jacobs Levy Equity Management Inc.

Jacobs Levy Equity Management Inc. grew its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 16.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 276,136 shares of the utilities provider’s stock after purchasing an additional 39,954 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 1.71% of MYR Group worth $41,081,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MYRG. Barclays PLC increased its position in MYR Group by 192.2% during the 3rd quarter. Barclays PLC now owns 34,987 shares of the utilities provider’s stock worth $3,578,000 after purchasing an additional 23,013 shares during the period. Tidal Investments LLC boosted its stake in shares of MYR Group by 2.0% during the 3rd quarter. Tidal Investments LLC now owns 4,286 shares of the utilities provider’s stock worth $438,000 after acquiring an additional 83 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of MYR Group by 3.7% during the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock worth $44,113,000 after acquiring an additional 15,361 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of MYR Group by 27.0% during the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock worth $83,000 after acquiring an additional 118 shares in the last quarter. Finally, MCF Advisors LLC boosted its stake in shares of MYR Group by 470.0% during the 4th quarter. MCF Advisors LLC now owns 171 shares of the utilities provider’s stock worth $25,000 after acquiring an additional 141 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MYRG. Piper Sandler boosted their price target on MYR Group from $124.00 to $138.00 and gave the stock a “neutral” rating in a research note on Monday, May 5th. StockNews.com raised MYR Group from a “hold” rating to a “buy” rating in a research note on Monday, May 5th. KeyCorp boosted their price target on MYR Group from $136.00 to $163.00 and gave the stock an “overweight” rating in a research note on Friday, May 2nd. The Goldman Sachs Group decreased their price target on MYR Group from $164.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Finally, Robert W. Baird upped their target price on MYR Group from $159.00 to $170.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, MYR Group has an average rating of “Moderate Buy” and an average price target of $149.40.

MYR Group Price Performance

MYRG stock opened at $155.25 on Monday. MYR Group Inc. has a 1 year low of $86.60 and a 1 year high of $168.88. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. The stock’s 50 day moving average price is $121.52 and its 200 day moving average price is $136.77. The firm has a market cap of $2.41 billion, a P/E ratio of 67.80 and a beta of 1.06.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.27. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The firm had revenue of $833.62 million for the quarter, compared to analyst estimates of $788.98 million. During the same quarter in the prior year, the company earned $1.12 EPS. MYR Group’s revenue was up 2.2% on a year-over-year basis. On average, sell-side analysts expect that MYR Group Inc. will post 1.16 earnings per share for the current fiscal 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.