MYR Group, Inc. $MYRG is Next Century Growth Investors LLC’s 9th Largest Position

Next Century Growth Investors LLC lifted its position in MYR Group, Inc. (NASDAQ:MYRG) by 1.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 157,043 shares of the utilities provider’s stock after acquiring an additional 2,533 shares during the quarter. MYR Group makes up approximately 2.2% of Next Century Growth Investors LLC’s portfolio, making the stock its 9th largest position. Next Century Growth Investors LLC owned about 1.01% of MYR Group worth $28,495,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in MYRG. Qube Research & Technologies Ltd purchased a new stake in MYR Group in the 2nd quarter valued at about $3,679,000. Daiwa Securities Group Inc. bought a new position in MYR Group in the 2nd quarter worth approximately $508,000. WINTON GROUP Ltd purchased a new position in MYR Group in the 2nd quarter valued at approximately $1,228,000. Cerity Partners LLC bought a new stake in MYR Group during the 2nd quarter valued at $269,000. Finally, Gabelli Funds LLC bought a new position in shares of MYR Group in the second quarter worth $1,696,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Trading Down 2.9%

Shares of MYRG stock opened at $226.29 on Wednesday. The business has a 50-day moving average of $216.70 and a 200 day moving average of $193.61. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.33 and a quick ratio of 1.33. MYR Group, Inc. has a 1-year low of $97.72 and a 1-year high of $241.13. The stock has a market capitalization of $3.51 billion, a PE ratio of 36.56 and a beta of 1.20.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.23. MYR Group had a return on equity of 16.65% and a net margin of 2.78%.The firm had revenue of $950.40 million during the quarter, compared to the consensus estimate of $931.72 million. During the same quarter in the previous year, the company posted $0.65 earnings per share. The business’s revenue was up 7.0% on a year-over-year basis. As a group, sell-side analysts anticipate that MYR Group, Inc. will post 1.16 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. KeyCorp reaffirmed a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 1st. Stifel Nicolaus raised their price target on MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a report on Thursday, October 9th. The Goldman Sachs Group boosted their price target on shares of MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a research note on Friday, November 14th. Finally, Jefferies Financial Group initiated 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 for the company. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $201.67.

Insider Activity

In other news, COO Don A. Egan sold 2,900 shares of the stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total transaction of $676,860.00. Following the completion of the sale, the chief operating officer directly owned 5,797 shares in the company, valued at approximately $1,353,019.80. This represents a 33.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.80% of the company’s stock.

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.