MYR Group, Inc. $MYRG Shares Bought by Intech Investment Management LLC

Intech Investment Management LLC raised its stake in MYR Group, Inc. (NASDAQ:MYRG) by 24.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,540 shares of the utilities provider’s stock after acquiring an additional 3,647 shares during the quarter. Intech Investment Management LLC owned approximately 0.12% of MYR Group worth $2,097,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of MYR Group by 214.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 302,549 shares of the utilities provider’s stock worth $34,215,000 after acquiring an additional 206,369 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of MYR Group by 0.7% in the first quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock worth $22,998,000 after acquiring an additional 1,437 shares during the last quarter. Select Equity Group L.P. raised its holdings in shares of MYR Group by 487.8% in the first quarter. Select Equity Group L.P. now owns 42,296 shares of the utilities provider’s stock worth $4,783,000 after acquiring an additional 35,100 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of MYR Group by 10.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 192,906 shares of the utilities provider’s stock worth $21,816,000 after acquiring an additional 17,610 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its holdings in shares of MYR Group by 3.6% in the first quarter. Jacobs Levy Equity Management Inc. now owns 285,954 shares of the utilities provider’s stock worth $32,339,000 after acquiring an additional 9,818 shares during the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Stock Performance

Shares of NASDAQ:MYRG opened at $175.84 on Wednesday. The firm has a market capitalization of $2.73 billion, a PE ratio of 36.71 and a beta of 1.18. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.33 and a quick ratio of 1.33. The business has a 50-day moving average of $185.98 and a two-hundred day moving average of $157.54. MYR Group, Inc. has a 12 month low of $96.87 and a 12 month high of $220.01.

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

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MYRG. Stifel Nicolaus set a $210.00 price target on MYR Group in a report on Monday, August 4th. KeyCorp upped their target price on MYR Group from $205.00 to $211.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 24th. Piper Sandler upped their target price on MYR Group from $138.00 to $153.00 and gave the company a “neutral” rating in a research note on Tuesday, May 27th. Finally, Jefferies Financial Group initiated coverage on MYR Group in a research note on Friday, August 15th. They issued a “hold” rating and a $202.00 target price for the company. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, MYR Group currently has a consensus rating of “Moderate Buy” and an average price target of $191.83.

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.