MYR Group Inc. (NASDAQ:MYRG) Shares Acquired by GAMMA Investing LLC

GAMMA Investing LLC lifted its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 27.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 555 shares of the utilities provider’s stock after acquiring an additional 118 shares during the period. GAMMA Investing LLC’s holdings in MYR Group were worth $83,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in MYRG. State of New Jersey Common Pension Fund D increased its stake in MYR Group by 66.5% in the third quarter. State of New Jersey Common Pension Fund D now owns 19,161 shares of the utilities provider’s stock valued at $1,959,000 after purchasing an additional 7,655 shares during the last quarter. Fisher Asset Management LLC grew its position in shares of MYR Group by 11.1% in the 3rd quarter. Fisher Asset Management LLC now owns 37,752 shares of the utilities provider’s stock valued at $3,859,000 after buying an additional 3,759 shares during the last quarter. Walleye Capital LLC grew its position in shares of MYR Group by 422.6% in the 3rd quarter. Walleye Capital LLC now owns 43,985 shares of the utilities provider’s stock valued at $4,497,000 after buying an additional 35,569 shares during the last quarter. Principal Financial Group Inc. raised its stake in MYR Group by 3.7% during the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock worth $44,113,000 after acquiring an additional 15,361 shares in the last quarter. Finally, FORA Capital LLC purchased a new stake in MYR Group in the third quarter valued at $417,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Down 1.8 %

MYR Group stock opened at $142.96 on Friday. The stock has a 50 day moving average of $152.91 and a two-hundred day moving average of $128.31. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $181.02. The stock has a market capitalization of $2.30 billion, a price-to-earnings ratio of 62.43 and a beta of 0.96. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.40. The firm had revenue of $888.00 million during the quarter, compared to the consensus estimate of $917.18 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The company’s revenue for the quarter was down 5.5% on a year-over-year basis. During the same period last year, the company earned $1.28 earnings per share. As a group, research analysts expect that MYR Group Inc. will post 1.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Robert W. Baird raised their price objective on MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. StockNews.com upgraded MYR Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. The Goldman Sachs Group boosted their price objective on MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Finally, Stifel Nicolaus increased their price objective on MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, MYR Group presently has an average rating of “Moderate Buy” and an average target price of $157.00.

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.