8,400 Shares in MYR Group Inc. (NASDAQ:MYRG) Bought by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System acquired a new position in MYR Group Inc. (NASDAQ:MYRG) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 8,400 shares of the utilities provider’s stock, valued at approximately $1,215,000. Louisiana State Employees Retirement System owned 0.05% of MYR Group at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of MYRG. Assenagon Asset Management S.A. grew its holdings in MYR Group by 85.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 110,119 shares of the utilities provider’s stock valued at $15,927,000 after purchasing an additional 50,848 shares during the period. Trillium Asset Management LLC bought a new stake in MYR Group during the third quarter valued at about $5,543,000. Fred Alger Management LLC bought a new stake in MYR Group during the third quarter valued at about $4,017,000. Lord Abbett & CO. LLC grew its holdings in MYR Group by 29.8% during the third quarter. Lord Abbett & CO. LLC now owns 90,891 shares of the utilities provider’s stock valued at $12,248,000 after purchasing an additional 20,885 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in MYR Group by 9.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 163,191 shares of the utilities provider’s stock valued at $21,992,000 after purchasing an additional 13,439 shares during the period. Institutional investors own 88.90% of the company’s stock.

MYR Group Stock Performance

NASDAQ MYRG opened at $159.84 on Tuesday. The firm has a market cap of $2.68 billion, a price-to-earnings ratio of 29.49 and a beta of 1.08. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.05. The business has a 50-day moving average price of $164.40 and a 200-day moving average price of $144.88. MYR Group Inc. has a twelve month low of $110.87 and a twelve month high of $181.02.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, February 28th. The utilities provider reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.02. The firm had revenue of $1 billion during the quarter, compared to analyst estimates of $904.76 million. MYR Group had a return on equity of 14.80% and a net margin of 2.50%. The business’s quarterly revenue was up 16.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.46 earnings per share. As a group, equities research analysts predict that MYR Group Inc. will post 6.64 EPS for the current fiscal year.

Analyst Ratings Changes

MYRG has been the subject of several recent research reports. KeyCorp initiated coverage on MYR Group in a report on Wednesday, January 10th. They set a “sector weight” rating for the company. Stifel Nicolaus dropped their price objective on MYR Group from $185.00 to $184.00 and set a “buy” rating for the company in a research note on Tuesday, April 16th. Finally, Sidoti lowered MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price objective for the company. in a research note on Monday, February 26th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, MYR Group has a consensus rating of “Hold” and an average price target of $170.75.

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.