Southport Management L.L.C. Takes $893,000 Position in MYR Group Inc. (NASDAQ:MYRG)

Southport Management L.L.C. purchased a new stake in shares of MYR Group Inc. (NASDAQ:MYRG) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 6,000 shares of the utilities provider’s stock, valued at approximately $893,000. MYR Group makes up approximately 3.3% of Southport Management L.L.C.’s portfolio, making the stock its 15th largest position.

Several other institutional investors and hedge funds have also modified their holdings of MYRG. Barclays PLC lifted its stake in shares of MYR Group by 192.2% in the 3rd quarter. Barclays PLC now owns 34,987 shares of the utilities provider’s stock valued at $3,578,000 after purchasing an additional 23,013 shares during the last quarter. MCF Advisors LLC lifted its position in 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 during the last quarter. Sheets Smith Wealth Management lifted its position in MYR Group by 3.4% during the 4th quarter. Sheets Smith Wealth Management now owns 8,789 shares of the utilities provider’s stock worth $1,308,000 after acquiring an additional 290 shares during the last quarter. Fifth Third Bancorp lifted its position in MYR Group by 66.7% during the 4th quarter. Fifth Third Bancorp now owns 4,031 shares of the utilities provider’s stock worth $600,000 after acquiring an additional 1,613 shares during the last quarter. Finally, KBC Group NV lifted its position in MYR Group by 56.8% during the 4th quarter. KBC Group NV now owns 737 shares of the utilities provider’s stock worth $110,000 after acquiring an additional 267 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Stock Performance

NASDAQ MYRG opened at $163.51 on Friday. 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 stock has a market cap of $2.54 billion, a P/E ratio of 71.40 and a beta of 1.06. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $168.88. The company’s 50-day simple moving average is $125.30 and its 200 day simple moving average is $137.78.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.27. The firm had revenue of $833.62 million for the quarter, compared to analysts’ expectations of $788.98 million. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.12 earnings per share. As a group, research analysts forecast that MYR Group Inc. will post 1.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on MYRG shares. Piper Sandler boosted their target price on shares of MYR Group from $124.00 to $138.00 and gave the stock a “neutral” rating in a research report on Monday, May 5th. StockNews.com upgraded shares of MYR Group from a “hold” rating to a “buy” rating in a report on Monday, May 5th. Robert W. Baird boosted their price objective on shares of MYR Group from $159.00 to $170.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Stifel Nicolaus dropped their price objective on shares of MYR Group from $157.00 to $131.00 and set a “buy” rating on the stock in a report on Wednesday, April 9th. Finally, KeyCorp upped their target price on shares of MYR Group from $136.00 to $163.00 and gave the company an “overweight” rating in a research note on Friday, May 2nd. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $149.40.

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.