MQS Management LLC Buys New Stake in MYR Group, Inc. $MYRG

MQS Management LLC bought a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,661 shares of the utilities provider’s stock, valued at approximately $363,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Farther Finance Advisors LLC lifted its position in MYR Group by 212.2% during the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 104 shares during the last quarter. Signaturefd LLC lifted its position in MYR Group by 65.7% during the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after acquiring an additional 65 shares during the last quarter. USA Financial Formulas purchased a new stake in MYR Group during the fourth quarter valued at approximately $76,000. Johnson Financial Group Inc. purchased a new stake in MYR Group during the third quarter valued at approximately $74,000. Finally, Smartleaf Asset Management LLC lifted its position in MYR Group by 12.7% during the third quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider’s stock valued at $86,000 after acquiring an additional 47 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Trading Up 1.8%

NASDAQ MYRG opened at $446.90 on Friday. The company has a fifty day simple moving average of $343.90 and a two-hundred day simple moving average of $276.98. The stock has a market cap of $6.96 billion, a P/E ratio of 49.27 and a beta of 1.30. MYR Group, Inc. has a 12-month low of $154.55 and a 12-month high of $480.00. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.09 by $0.90. The business had revenue of $1 billion during the quarter, compared to analysts’ expectations of $932.45 million. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The business’s quarterly revenue was up 20.0% on a year-over-year basis. During the same quarter last year, the company posted $1.45 earnings per share. On average, analysts forecast that MYR Group, Inc. will post 10.59 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently commented on MYRG. The Goldman Sachs Group increased their target price on shares of MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research report on Tuesday, March 3rd. Stifel Nicolaus set a $503.00 target price on shares of MYR Group in a research report on Monday, May 4th. Cantor Fitzgerald increased their target price on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a report on Tuesday, April 21st. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $328.86.

MYR Group Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.