GAMMA Investing LLC Acquires New Position in MYR Group Inc. (NASDAQ:MYRG)

GAMMA Investing LLC bought a new position in MYR Group Inc. (NASDAQ:MYRG) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 434 shares of the utilities provider’s stock, valued at approximately $62,000.

A number of other institutional investors have also modified their holdings of the stock. Linden Thomas Advisory Services LLC lifted its stake in MYR Group by 4.6% in the fourth quarter. Linden Thomas Advisory Services LLC now owns 11,300 shares of the utilities provider’s stock worth $1,634,000 after acquiring an additional 493 shares during the period. Mitchell Capital Management Co. boosted its stake in shares of MYR Group by 0.6% during the third quarter. Mitchell Capital Management Co. now owns 33,627 shares of the utilities provider’s stock valued at $4,532,000 after purchasing an additional 199 shares in the last quarter. Qube Research & Technologies Ltd increased its holdings in MYR Group by 52.7% during the third quarter. Qube Research & Technologies Ltd now owns 19,605 shares of the utilities provider’s stock valued at $2,642,000 after buying an additional 6,766 shares during the period. Assenagon Asset Management S.A. raised its stake in MYR Group by 85.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 110,119 shares of the utilities provider’s stock worth $15,927,000 after buying an additional 50,848 shares in the last quarter. Finally, Lord Abbett & CO. LLC lifted 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 worth $12,248,000 after buying an additional 20,885 shares during the period. 88.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on MYRG. Stifel Nicolaus reduced their price target on MYR Group from $185.00 to $184.00 and set a “buy” rating for the company in a research report on Tuesday, April 16th. Sidoti downgraded shares of MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 target price for the company. in a report on Monday, February 26th. Finally, KeyCorp initiated coverage on shares of MYR Group in a report on Wednesday, January 10th. They issued a “sector weight” rating on the stock. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, MYR Group has an average rating of “Hold” and a consensus price target of $170.75.

MYR Group Price Performance

Shares of NASDAQ MYRG opened at $164.82 on Thursday. MYR Group Inc. has a fifty-two week low of $110.87 and a fifty-two week high of $181.02. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.37 and a current ratio of 1.37. The company has a market cap of $2.76 billion, a PE ratio of 30.41 and a beta of 1.08. The business has a 50-day simple moving average of $165.89 and a two-hundred day simple moving average of $146.38.

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

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.