Select Equity Group L.P. Grows Position in MYR Group Inc. (NASDAQ:MYRG)

Select Equity Group L.P. boosted its stake in shares of MYR Group Inc. (NASDAQ:MYRG) by 10.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,196 shares of the utilities provider’s stock after purchasing an additional 674 shares during the period. Select Equity Group L.P.’s holdings in MYR Group were worth $1,071,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in MYRG. MCF Advisors LLC lifted its position in shares of MYR Group by 470.0% in the fourth quarter. MCF Advisors LLC now owns 171 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 141 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new position in shares of MYR Group in the fourth quarter valued at about $47,000. Smartleaf Asset Management LLC lifted its position in shares of MYR Group by 697.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider’s stock valued at $49,000 after acquiring an additional 286 shares in the last quarter. ANTIPODES PARTNERS Ltd lifted its position in shares of MYR Group by 13.2% in the fourth quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider’s stock valued at $92,000 after acquiring an additional 72 shares in the last quarter. Finally, Quadrant Capital Group LLC lifted its position in shares of MYR Group by 52.4% in the fourth quarter. Quadrant Capital Group LLC now owns 666 shares of the utilities provider’s stock valued at $99,000 after acquiring an additional 229 shares in the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

MYR Group Trading Up 0.6%

Shares of NASDAQ MYRG opened at $164.55 on Friday. The business’s 50 day moving average is $126.32 and its two-hundred day moving average is $138.27. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. MYR Group Inc. has a 1-year low of $86.60 and a 1-year high of $168.88. The stock has a market capitalization of $2.55 billion, a P/E ratio of 71.86 and a beta of 1.06.

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. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The company had revenue of $833.62 million for the quarter, compared to analysts’ expectations of $788.98 million. During the same period in the previous year, the firm posted $1.12 earnings per share. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. As a group, research analysts expect that MYR Group Inc. will post 1.16 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Robert W. Baird boosted their price objective on MYR Group from $159.00 to $170.00 and gave the company an “outperform” rating in a research report on Thursday, May 1st. Stifel Nicolaus decreased their target price on MYR Group from $157.00 to $131.00 and set a “buy” rating on the stock in a research report on Wednesday, April 9th. StockNews.com upgraded MYR Group from a “hold” rating to a “buy” rating in a research report on Monday, May 5th. KeyCorp boosted their target price on MYR Group from $136.00 to $163.00 and gave the stock an “overweight” rating in a research report on Friday, May 2nd. Finally, The Goldman Sachs Group decreased their target price on MYR Group from $164.00 to $145.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $149.40.

MYR Group Profile

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.