Louisiana State Employees Retirement System Has $1.14 Million Stock Holdings in MYR Group Inc. (NASDAQ:MYRG)

Louisiana State Employees Retirement System grew its holdings in MYR Group Inc. (NASDAQ:MYRG) by 1.2% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,400 shares of the utilities provider’s stock after buying an additional 100 shares during the quarter. Louisiana State Employees Retirement System owned 0.05% of MYR Group worth $1,140,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in MYRG. Daiwa Securities Group Inc. acquired a new position in shares of MYR Group in the 4th quarter valued at $29,000. New York State Common Retirement Fund lifted its holdings in MYR Group by 115.6% during the 4th quarter. New York State Common Retirement Fund now owns 38,830 shares of the utilities provider’s stock valued at $5,616,000 after purchasing an additional 20,820 shares during the last quarter. GAMMA Investing LLC acquired a new position in MYR Group in the fourth quarter valued at about $62,000. Yousif Capital Management LLC grew its stake in MYR Group by 4.9% during the fourth quarter. Yousif Capital Management LLC now owns 8,694 shares of the utilities provider’s stock worth $1,257,000 after buying an additional 404 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D increased its holdings in shares of MYR Group by 15.7% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 20,235 shares of the utilities provider’s stock worth $2,927,000 after buying an additional 2,747 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on MYRG shares. Stifel Nicolaus cut their target price on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Robert W. Baird cut their target price on shares of MYR Group from $170.00 to $143.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $147.75.

MYR Group Stock Performance

NASDAQ:MYRG opened at $103.52 on Tuesday. The company has a current ratio of 1.36, a quick ratio of 1.40 and a debt-to-equity ratio of 0.06. The firm has a 50 day moving average of $126.18 and a 200-day moving average of $148.16. MYR Group Inc. has a 1 year low of $92.48 and a 1 year high of $181.02. The stock has a market capitalization of $1.74 billion, a P/E ratio of 20.06 and a beta of 0.99.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share for the quarter, missing the consensus estimate of $1.07 by ($1.98). MYR Group had a return on equity of 7.65% and a net margin of 1.37%. The company had revenue of $828.89 million during the quarter, compared to the consensus estimate of $876.07 million. During the same quarter last year, the firm earned $1.33 EPS. The business’s revenue for the quarter was down 6.7% on a year-over-year basis. As a group, sell-side analysts anticipate that MYR Group Inc. will post 5.4 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.