MYR Group, Inc. $MYRG Stock Purchased by Ethic Inc.

Ethic Inc. raised its holdings in MYR Group, Inc. (NASDAQ:MYRG) by 225.3% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,144 shares of the utilities provider’s stock after buying an additional 2,870 shares during the period. Ethic Inc.’s holdings in MYR Group were worth $1,212,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Kilter Group LLC acquired a new stake in MYR Group during the 2nd quarter worth approximately $25,000. Richardson Financial Services Inc. grew its position in shares of MYR Group by 169.7% in the third quarter. Richardson Financial Services Inc. now owns 89 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 56 shares during the period. Carolina Wealth Advisors LLC purchased a new stake in shares of MYR Group in the second quarter valued at $30,000. Global Retirement Partners LLC acquired a new position in MYR Group in the second quarter valued at $30,000. Finally, Parallel Advisors LLC boosted its stake in MYR Group by 207.9% in the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock worth $33,000 after buying an additional 79 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on MYRG. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $331.00 price objective on shares of MYR Group in a research note on Thursday, October 22nd. Stifel Nicolaus decreased their target price on shares of MYR Group from $445.00 to $393.00 and set a “buy” rating on the stock in a research report on Thursday, October 8th. Robert W. Baird set a $363.00 price target on shares of MYR Group in a research report on Thursday, October 29th. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 3rd. Finally, Wall Street Zen lowered shares of MYR Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 29th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, MYR Group presently has an average rating of “Moderate Buy” and a consensus target price of $397.00.

MYR Group Trading Down 1.9%

Shares of MYRG stock opened at $273.09 on Friday. The stock has a 50-day simple moving average of $284.57 and a 200 day simple moving average of $334.77. The stock has a market capitalization of $4.25 billion, a P/E ratio of 22.18 and a beta of 1.36. MYR Group, Inc. has a fifty-two week low of $199.30 and a fifty-two week high of $503.57. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.24.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, October 28th. The utilities provider reported $3.82 earnings per share for the quarter, beating analysts’ consensus estimates of $2.97 by $0.85. The company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.16 billion. MYR Group had a net margin of 4.48% and a return on equity of 26.32%. MYR Group’s revenue was up 32.5% on a year-over-year basis. During the same period in the prior year, the company earned $2.05 EPS. On average, sell-side analysts expect that MYR Group, Inc. will post 13.46 earnings per share for the current fiscal year.

About MYR Group

MYR Group Inc. is a specialty electrical construction company that provides services through subsidiaries across the United States and Canada. Its work includes the engineering, construction, and maintenance of electrical infrastructure for utilities and other customers. The company operates through Transmission and Distribution and Commercial and Industrial segments. Transmission and Distribution projects include electric transmission and distribution lines, substations, and related infrastructure, as well as maintenance and emergency restoration work.