Algert Global LLC Purchases 56,700 Shares of MYR Group, Inc. $MYRG

Algert Global LLC lifted its holdings in MYR Group, Inc. (NASDAQ:MYRG) by 86.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 122,365 shares of the utilities provider’s stock after acquiring an additional 56,700 shares during the period. MYR Group makes up approximately 0.4% of Algert Global LLC’s investment portfolio, making the stock its 16th largest position. Algert Global LLC owned about 0.79% of MYR Group worth $25,456,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Salomon & Ludwin LLC acquired a new position in shares of MYR Group during the 3rd quarter worth $34,000. MAI Capital Management lifted its holdings in shares of MYR Group by 44.8% during the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 56 shares during the period. Elevation Point Wealth Partners LLC bought a new stake in shares of MYR Group in the 2nd quarter valued at about $34,000. First Horizon Corp bought a new stake in MYR Group in the third quarter valued at approximately $47,000. Finally, Johnson Financial Group Inc. bought a new stake in shares of MYR Group in the 3rd quarter valued at $74,000. Institutional investors own 88.90% of the company’s stock.

MYR Group Stock Performance

MYR Group stock opened at $261.13 on Friday. The company has a market capitalization of $4.06 billion, a PE ratio of 34.68 and a beta of 1.15. MYR Group, Inc. has a twelve month low of $97.72 and a twelve month high of $290.87. The firm has a fifty day simple moving average of $257.64 and a two-hundred day simple moving average of $226.16. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.08.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.73 by $0.60. The business had revenue of $973.54 million for the quarter, compared to analyst estimates of $897.73 million. MYR Group had a net margin of 3.24% and a return on equity of 19.66%. The company’s revenue was up 17.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.99 EPS. Research analysts expect that MYR Group, Inc. will post 1.16 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. Stifel Nicolaus increased their price objective on MYR Group from $262.00 to $305.00 and gave the stock a “buy” rating in a research note on Tuesday, March 3rd. Clear Str upgraded shares of MYR Group to a “strong-buy” rating in a report on Monday, December 15th. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Finally, Cantor Fitzgerald lifted their price objective on shares of MYR Group from $285.00 to $311.00 and gave the stock an “overweight” rating in a research report on Monday, March 2nd. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, MYR Group currently has an average rating of “Moderate Buy” and an average price target of $235.43.

About MYR Group

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.