Baird Financial Group Inc. Grows Stock Holdings in MYR Group, Inc. $MYRG

Baird Financial Group Inc. lifted its holdings in MYR Group, Inc. (NASDAQ:MYRG) by 3.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 2,974 shares of the utilities provider’s stock after purchasing an additional 108 shares during the period. Baird Financial Group Inc.’s holdings in MYR Group were worth $336,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd lifted its position in shares of MYR Group by 92.7% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider’s stock worth $39,000 after purchasing an additional 165 shares during the period. Versant Capital Management Inc lifted its position in shares of MYR Group by 85.4% in the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider’s stock worth $52,000 after purchasing an additional 210 shares during the period. ANTIPODES PARTNERS Ltd lifted its position in shares of MYR Group by 16.3% in the 1st quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider’s stock worth $81,000 after purchasing an additional 101 shares during the period. CWM LLC lifted its position in shares of MYR Group by 176.9% in the 1st quarter. CWM LLC now owns 1,293 shares of the utilities provider’s stock worth $146,000 after purchasing an additional 826 shares during the period. Finally, DekaBank Deutsche Girozentrale lifted its position in shares of MYR Group by 43.3% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 1,622 shares of the utilities provider’s stock worth $186,000 after purchasing an additional 490 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Trading Up 0.5%

NASDAQ MYRG opened at $179.17 on Friday. The company has a 50 day moving average price of $186.64 and a 200 day moving average price of $156.21. The firm has a market cap of $2.78 billion, a PE ratio of 37.41 and a beta of 1.18. MYR Group, Inc. has a 52 week low of $93.93 and a 52 week high of $220.01. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.14. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The firm had revenue of $900.33 million for the quarter, compared to analyst estimates of $828.20 million. During the same period in the previous year, the company earned ($0.91) earnings per share. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. As a group, sell-side analysts forecast that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Stifel Nicolaus set a $210.00 price target on shares of MYR Group in a research report on Monday, August 4th. Piper Sandler upped their price target 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. Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 24th. Jefferies Financial Group began coverage on shares of MYR Group in a research note on Friday, August 15th. They set a “hold” rating and a $202.00 price objective for the company. Finally, KeyCorp boosted their price objective on shares of MYR Group from $205.00 to $211.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $191.83.

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.