MYR Group Inc. (NASDAQ:MYRG) is FACT Capital LP’s 10th Largest Position

FACT Capital LP boosted its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 29.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 73,355 shares of the utilities provider’s stock after acquiring an additional 16,475 shares during the period. MYR Group accounts for approximately 4.8% of FACT Capital LP’s investment portfolio, making the stock its 10th biggest position. FACT Capital LP owned about 0.46% of MYR Group worth $10,913,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of MYRG. Wellington Management Group LLP acquired a new stake in shares of MYR Group during the 4th quarter worth approximately $60,217,000. ACK Asset Management LLC acquired a new stake in MYR Group during the fourth quarter worth $29,754,000. T. Rowe Price Investment Management Inc. increased its stake in MYR Group by 42.1% during 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 during the last quarter. Next Century Growth Investors LLC increased its stake in MYR Group by 513.8% during 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 increased its stake in MYR Group by 185.0% during 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 Ratings Changes

MYRG has been the subject of several recent analyst reports. Robert W. Baird raised their target price on MYR Group from $159.00 to $170.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. Piper Sandler raised their target price on MYR Group from $124.00 to $138.00 and gave the stock a “neutral” rating in a research note on Monday, May 5th. The Goldman Sachs Group cut their target price on MYR Group from $164.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, April 24th. StockNews.com raised MYR Group from a “hold” rating to a “buy” rating in a research note on Monday, May 5th. Finally, Stifel Nicolaus dropped their price objective on MYR Group from $157.00 to $131.00 and set a “buy” rating for the company in a research note on Wednesday, April 9th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, MYR Group has a consensus rating of “Moderate Buy” and an average price target of $149.40.

MYR Group Trading Up 0.1%

Shares of NASDAQ MYRG opened at $164.05 on Wednesday. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $168.88. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The stock has a fifty day simple moving average of $128.37 and a 200-day simple moving average of $138.74. The stock has a market capitalization of $2.55 billion, a PE ratio of 71.64 and a beta of 1.06.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.27. The firm had revenue of $833.62 million during the quarter, compared to analyst estimates of $788.98 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. MYR Group’s revenue was up 2.2% compared to the same quarter last year. During the same period last year, the business posted $1.12 earnings per share. On average, equities analysts forecast that MYR Group Inc. will post 1.16 earnings per share for the current 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.