Millennium Management LLC Purchases 128,159 Shares of MYR Group Inc. (NASDAQ:MYRG)

Millennium Management LLC lifted its position in MYR Group Inc. (NASDAQ:MYRG) by 38.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 461,830 shares of the utilities provider’s stock after acquiring an additional 128,159 shares during the period. Millennium Management LLC owned 2.86% of MYR Group worth $68,706,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in MYRG. Wellington Management Group LLP bought a new stake in shares of MYR Group in the 4th quarter worth approximately $60,217,000. ACK Asset Management LLC purchased a new position in MYR Group during the fourth quarter valued at $29,754,000. T. Rowe Price Investment Management Inc. boosted its holdings in MYR Group by 42.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider’s stock worth $79,942,000 after acquiring an additional 159,302 shares in the last quarter. Next Century Growth Investors LLC grew its stake in shares of MYR Group by 513.8% in the fourth quarter. Next Century Growth Investors LLC now owns 151,610 shares of the utilities provider’s stock worth $22,555,000 after acquiring an additional 126,910 shares during the last quarter. Finally, Voya Investment Management LLC grew its stake in shares of MYR Group by 185.0% in the fourth quarter. Voya Investment Management LLC now owns 165,447 shares of the utilities provider’s stock worth $24,614,000 after acquiring an additional 107,403 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on MYRG shares. The Goldman Sachs Group dropped their price target on shares of MYR Group from $164.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Piper Sandler upped their target price on shares of MYR Group from $124.00 to $138.00 and gave the stock a “neutral” rating in a research note on Monday, May 5th. StockNews.com upgraded shares of MYR Group from a “hold” rating to a “buy” rating in a report on Monday, May 5th. Robert W. Baird boosted their price objective on shares of MYR Group from $159.00 to $170.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Finally, Stifel Nicolaus lowered their price objective on MYR Group from $157.00 to $131.00 and set a “buy” rating on the stock in a research report on Wednesday, April 9th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $149.40.

MYR Group Stock Performance

Shares of NASDAQ MYRG opened at $163.51 on Friday. The firm’s 50-day moving average price is $125.30 and its 200-day moving average price is $137.78. MYR Group Inc. has a 52-week low of $86.60 and a 52-week high of $168.88. The company has a market cap of $2.54 billion, a PE ratio of 71.40 and a beta of 1.06. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.27. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The company had revenue of $833.62 million for the quarter, compared to analysts’ expectations of $788.98 million. During the same quarter last year, the company posted $1.12 earnings per share. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. As a group, analysts anticipate that MYR Group Inc. will post 1.16 EPS for the current 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.