Teacher Retirement System of Texas Purchases Shares of 2,361 MYR Group, Inc. (NASDAQ:MYRG)

Teacher Retirement System of Texas purchased a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 2,361 shares of the utilities provider’s stock, valued at approximately $267,000.

A number of other institutional investors have also made changes to their positions in MYRG. T. Rowe Price Investment Management Inc. lifted its position in shares of MYR Group by 42.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider’s stock worth $79,942,000 after buying an additional 159,302 shares during the last quarter. Millennium Management LLC raised its position in MYR Group by 38.4% in the 4th quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider’s stock valued at $68,706,000 after purchasing an additional 128,159 shares during the last quarter. Wellington Management Group LLP purchased a new stake in MYR Group in the 4th quarter valued at $60,217,000. American Century Companies Inc. raised its position in MYR Group by 38.2% in the 4th quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider’s stock valued at $49,368,000 after purchasing an additional 91,644 shares during the last quarter. Finally, Artisan Partners Limited Partnership increased its stake in MYR Group by 19.8% in the 4th quarter. Artisan Partners Limited Partnership now owns 324,139 shares of the utilities provider’s stock valued at $48,222,000 after buying an additional 53,496 shares during the period. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on MYRG shares. KeyCorp raised their price target on shares of MYR Group from $172.00 to $205.00 and gave the stock an “overweight” rating in a research note on Wednesday. Stifel Nicolaus raised their target price on shares of MYR Group from $174.00 to $204.00 and gave the stock a “buy” rating in a research report on Friday, July 11th. The Goldman Sachs Group cut shares of MYR Group from a “buy” rating to a “neutral” rating and raised their target price for the stock from $145.00 to $168.00 in a research report on Friday, June 6th. Piper Sandler raised their target price on shares of MYR Group from $138.00 to $153.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 27th. Finally, Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 24th. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, MYR Group has a consensus rating of “Moderate Buy” and a consensus price target of $180.00.

MYR Group Trading Down 0.0%

MYRG opened at $191.94 on Friday. The firm has a market capitalization of $2.98 billion, a P/E ratio of 88.05 and a beta of 1.19. The firm’s 50 day moving average is $171.30 and its 200-day moving average is $144.32. MYR Group, Inc. has a 52-week low of $86.60 and a 52-week high of $194.95. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.15.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.27. MYR Group had a net margin of 1.02% and a return on equity of 5.84%. The business had revenue of $833.62 million during the quarter, compared to the consensus estimate of $788.98 million. During the same quarter last year, the company earned $1.12 earnings per share. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. Analysts expect that MYR Group, Inc. will post 1.16 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.