Squarepoint Ops LLC Invests $619,000 in MYR Group Inc. (NASDAQ:MYRG)

Squarepoint Ops LLC acquired a new stake in shares of MYR Group Inc. (NASDAQ:MYRG) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 4,563 shares of the utilities provider’s stock, valued at approximately $619,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Fred Alger Management LLC grew its stake in MYR Group by 7.6% during the 2nd quarter. Fred Alger Management LLC now owns 141,354 shares of the utilities provider’s stock worth $19,183,000 after buying an additional 10,021 shares during the last quarter. Marshall Wace LLP acquired a new stake in MYR Group in the second quarter worth approximately $2,168,000. Bank of Montreal Can boosted its stake in MYR Group by 123.6% during the 2nd quarter. Bank of Montreal Can now owns 7,050 shares of the utilities provider’s stock valued at $1,031,000 after purchasing an additional 3,897 shares in the last quarter. Public Sector Pension Investment Board grew its stake in shares of MYR Group by 7.6% in the 2nd quarter. Public Sector Pension Investment Board now owns 36,844 shares of the utilities provider’s stock worth $5,000,000 after purchasing an additional 2,587 shares during the last quarter. Finally, Bridges Investment Management Inc. bought a new position in shares of MYR Group in the second quarter valued at $535,000. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Stock Up 2.9 %

Shares of MYRG stock opened at $110.66 on Wednesday. The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of 21.45 and a beta of 0.93. The firm has a fifty day moving average of $100.84 and a 200-day moving average of $134.77. MYR Group Inc. has a 12-month low of $86.60 and a 12-month high of $181.02. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.06.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($1.98). The firm had revenue of $828.89 million during the quarter, compared to analyst estimates of $876.07 million. MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The company’s revenue for the quarter was down 6.7% on a year-over-year basis. During the same quarter last year, the business posted $1.33 earnings per share. As a group, equities research analysts predict that MYR Group Inc. will post 0.91 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently weighed in on MYRG. Stifel Nicolaus dropped their price target on MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Robert W. Baird dropped their price target on shares of MYR Group from $170.00 to $143.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. StockNews.com lowered shares of MYR Group from a “hold” rating to a “sell” rating in a research note on Wednesday, September 18th. Finally, The Goldman Sachs Group dropped their price target on shares of MYR Group from $182.00 to $124.00 and set a “buy” rating on the stock in a research report on Thursday, September 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $137.75.

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.