Prudent Man Advisors LLC Invests $255,000 in MYR Group, Inc. $MYRG

Prudent Man Advisors LLC acquired a new position in MYR Group, Inc. (NASDAQ:MYRG) during the 2nd quarter, Holdings Channel reports. The firm acquired 1,407 shares of the utilities provider’s stock, valued at approximately $255,000.

Other institutional investors have also recently made changes to their positions in the company. Maseco LLP bought a new position in shares of MYR Group in the 2nd quarter worth approximately $28,000. UMB Bank n.a. raised its stake in MYR Group by 266.0% during the 2nd quarter. UMB Bank n.a. now owns 194 shares of the utilities provider’s stock worth $35,000 after acquiring an additional 141 shares during the period. Quarry LP raised its stake in MYR Group by 190.4% during the 1st quarter. Quarry LP now owns 273 shares of the utilities provider’s stock worth $31,000 after acquiring an additional 179 shares during the period. Caitong International Asset Management Co. Ltd raised its stake in MYR Group by 92.7% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider’s stock worth $39,000 after acquiring an additional 165 shares during the period. Finally, ANTIPODES PARTNERS Ltd raised its stake in MYR Group by 16.3% during the 1st quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider’s stock worth $81,000 after acquiring an additional 101 shares during the period. Institutional investors own 88.90% of the company’s stock.

MYR Group Trading Up 5.0%

Shares of MYRG opened at $219.63 on Friday. The company has a 50 day simple moving average of $192.07 and a two-hundred day simple moving average of $173.72. MYR Group, Inc. has a 1 year low of $97.72 and a 1 year high of $221.17. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.33 and a quick ratio of 1.33. The firm has a market cap of $3.41 billion, a P/E ratio of 45.85 and a beta of 1.19.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.14. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The firm had revenue of $900.33 million during the quarter, compared to analyst estimates of $828.20 million. During the same period last year, the firm posted ($0.91) earnings per share. MYR Group’s revenue for the quarter was up 8.6% compared to the same quarter last year. On average, equities analysts expect that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MYRG. Wall Street Zen cut shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Friday, October 3rd. Stifel Nicolaus raised their target price on shares of MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a research note on Thursday, October 9th. The Goldman Sachs Group increased their price objective on shares of MYR Group from $168.00 to $205.00 and gave the company a “neutral” rating in a report on Thursday, August 7th. KeyCorp reaffirmed a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. Finally, Jefferies Financial Group assumed coverage on shares of MYR Group in a report on Friday, August 15th. They set a “hold” rating and a $202.00 price objective for the company. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, MYR Group presently has a consensus rating of “Hold” and an average price target of $194.50.

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.