Edgestream Partners L.P. Makes New $1.56 Million Investment in MYR Group, Inc. $MYRG

Edgestream Partners L.P. purchased a new stake in MYR Group, Inc. (NASDAQ:MYRG) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 8,580 shares of the utilities provider’s stock, valued at approximately $1,557,000. Edgestream Partners L.P. owned 0.06% of MYR Group as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in MYRG. Bank of Montreal Can raised its stake in MYR Group by 1.4% during the 2nd quarter. Bank of Montreal Can now owns 4,087 shares of the utilities provider’s stock worth $742,000 after buying an additional 56 shares during the period. MAI Capital Management grew its stake in MYR Group by 44.8% in the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 56 shares during the period. Linden Thomas Advisory Services LLC increased its holdings in shares of MYR Group by 0.7% in the second quarter. Linden Thomas Advisory Services LLC now owns 11,332 shares of the utilities provider’s stock worth $2,056,000 after acquiring an additional 75 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of MYR Group by 4.8% during the second quarter. PNC Financial Services Group Inc. now owns 1,641 shares of the utilities provider’s stock worth $298,000 after purchasing an additional 75 shares during the period. Finally, Teacher Retirement System of Texas raised its position in shares of MYR Group by 3.9% during the second quarter. Teacher Retirement System of Texas now owns 2,453 shares of the utilities provider’s stock worth $445,000 after purchasing an additional 92 shares during the period. Institutional investors own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Weiss Ratings reissued a “hold (c+)” rating on shares of MYR Group in a research note on Monday. Jefferies Financial Group started coverage on shares of MYR Group in a report on Friday, August 15th. They issued a “hold” rating and a $202.00 price target for the company. KeyCorp reissued a “sector weight” rating on shares of MYR Group in a research report on Wednesday, October 1st. Stifel Nicolaus raised their price objective on shares of MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a report on Thursday, October 9th. Finally, Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 17th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $201.67.

Insider Buying and Selling at MYR Group

In related news, COO Don A. Egan sold 2,900 shares of MYR Group stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total value of $676,860.00. Following the sale, the chief operating officer owned 5,797 shares of the company’s stock, valued at approximately $1,353,019.80. The trade was a 33.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.80% of the stock is owned by insiders.

MYR Group Stock Performance

Shares of MYRG stock opened at $228.54 on Friday. MYR Group, Inc. has a 12 month low of $97.72 and a 12 month high of $241.13. The company’s fifty day simple moving average is $215.81 and its 200-day simple moving average is $192.17. The firm has a market cap of $3.55 billion, a PE ratio of 36.92 and a beta of 1.20. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.11.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.23. MYR Group had a net margin of 2.78% and a return on equity of 16.65%. The business had revenue of $950.40 million during the quarter, compared to the consensus estimate of $931.72 million. During the same quarter last year, the firm earned $0.65 earnings per share. The firm’s revenue for the quarter was up 7.0% compared to the same quarter last year. Equities research analysts expect that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

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.