MYR Group Inc. (NASDAQ:MYRG) Shares Acquired by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D lifted its stake in shares of MYR Group Inc. (NASDAQ:MYRG) by 66.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,161 shares of the utilities provider’s stock after buying an additional 7,655 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.12% of MYR Group worth $1,959,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. DekaBank Deutsche Girozentrale purchased a new position in shares of MYR Group during the third quarter worth $116,000. Covestor Ltd raised its holdings in shares of MYR Group by 23.7% during the first quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock worth $122,000 after purchasing an additional 132 shares during the last quarter. RiverPark Advisors LLC raised its holdings in shares of MYR Group by 21.9% during the second quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider’s stock worth $148,000 after purchasing an additional 196 shares during the last quarter. EntryPoint Capital LLC purchased a new position in shares of MYR Group during the first quarter worth $186,000. Finally, SG Americas Securities LLC purchased a new position in shares of MYR Group during the first quarter worth $208,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MYRG has been the subject of several recent research reports. The Goldman Sachs Group raised their target price on shares of MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a report on Monday, November 4th. StockNews.com upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. Robert W. Baird upped their price objective on shares of MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, Stifel Nicolaus decreased their price objective on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $143.75.

MYR Group Stock Down 2.3 %

MYRG opened at $146.81 on Monday. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $181.02. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average price of $116.51 and a 200 day moving average price of $126.97. The company has a market cap of $2.37 billion, a PE ratio of 64.11 and a beta of 0.89.

MYR Group (NASDAQ:MYRG) last released 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. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The firm had revenue of $888.00 million during the quarter, compared to the consensus estimate of $917.18 million. During the same quarter in the prior year, the firm earned $1.28 EPS. The company’s revenue for the quarter was down 5.5% on a year-over-year basis. Sell-side analysts expect that MYR Group Inc. will post 1.16 earnings per share for the current fiscal year.

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.