HB Wealth Management LLC Purchases New Position in MYR Group, Inc. $MYRG

HB Wealth Management LLC purchased a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 1,235 shares of the utilities provider’s stock, valued at approximately $224,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Janney Montgomery Scott LLC grew its position in shares of MYR Group by 45.7% in the 2nd quarter. Janney Montgomery Scott LLC now owns 3,538 shares of the utilities provider’s stock worth $642,000 after buying an additional 1,110 shares during the period. State of Alaska Department of Revenue grew its position in shares of MYR Group by 3.4% in the 2nd quarter. State of Alaska Department of Revenue now owns 9,236 shares of the utilities provider’s stock worth $1,675,000 after buying an additional 302 shares during the period. Ballentine Partners LLC purchased a new stake in shares of MYR Group in the 2nd quarter worth about $228,000. Maseco LLP purchased a new stake in shares of MYR Group in the 2nd quarter worth about $28,000. Finally, GAMMA Investing LLC grew its position in shares of MYR Group by 31.5% in the 2nd quarter. GAMMA Investing LLC now owns 802 shares of the utilities provider’s stock worth $146,000 after buying an additional 192 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Performance

Shares of NASDAQ MYRG opened at $196.83 on Wednesday. The firm’s 50-day moving average price is $187.12 and its 200-day moving average price is $165.36. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14. The company has a market cap of $3.05 billion, a PE ratio of 41.09 and a beta of 1.19. MYR Group, Inc. has a 52-week low of $97.72 and a 52-week high of $220.01.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on MYRG. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MYR Group in a research report on Saturday, September 27th. The Goldman Sachs Group upped their target price on shares of MYR Group from $168.00 to $205.00 and gave the stock a “neutral” rating in a research report on Thursday, August 7th. KeyCorp reaffirmed a “sector weight” rating on shares of MYR Group in a research report on Wednesday, October 1st. Jefferies Financial Group started coverage on shares of MYR Group in a research report on Friday, August 15th. They issued a “hold” rating and a $202.00 target price on the stock. Finally, Wall Street Zen lowered shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Friday, October 3rd. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, MYR Group currently has an average rating of “Hold” and an average target price 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.