MYR Group, Inc. $MYRG is Neumeier Poma Investment Counsel LLC’s 8th Largest Position

Neumeier Poma Investment Counsel LLC increased its position in MYR Group, Inc. (NASDAQ:MYRG) by 67.8% during the 3rd quarter, Holdings Channel reports. The firm owned 198,401 shares of the utilities provider’s stock after acquiring an additional 80,168 shares during the quarter. MYR Group comprises approximately 3.4% of Neumeier Poma Investment Counsel LLC’s investment portfolio, making the stock its 8th largest holding. Neumeier Poma Investment Counsel LLC’s holdings in MYR Group were worth $41,273,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in MYRG. MAI Capital Management grew its holdings in MYR Group by 44.8% during the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 56 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in MYR Group during the 2nd quarter valued at $34,000. Elevation Point Wealth Partners LLC purchased a new position in shares of MYR Group in the 2nd quarter valued at $34,000. Salomon & Ludwin LLC bought a new position in shares of MYR Group in the 3rd quarter worth $34,000. Finally, First Horizon Corp bought a new stake in MYR Group during the third quarter valued at about $47,000. Institutional investors own 88.90% of the company’s stock.

Analysts Set New Price Targets

MYRG has been the subject of several analyst reports. 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. Weiss Ratings raised shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 22nd. Zacks Research cut MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 30th. Cantor Fitzgerald started coverage on MYR Group in a report on Friday, January 23rd. They issued an “overweight” rating and a $285.00 price target for the company. Finally, The Goldman Sachs Group upped their price objective on shares of MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a report on Friday, November 14th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $218.71.

MYR Group Trading Down 1.8%

MYRG stock opened at $274.01 on Thursday. MYR Group, Inc. has a 52-week low of $97.72 and a 52-week high of $284.98. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.11. The firm has a market cap of $4.25 billion, a P/E ratio of 44.27 and a beta of 1.17. The company’s 50-day simple moving average is $246.91 and its 200-day simple moving average is $219.18.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.60. The firm had revenue of $973.54 million during the quarter, compared to analyst estimates of $897.73 million. MYR Group had a return on equity of 16.65% and a net margin of 2.78%.MYR Group’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.99 EPS. As a group, equities analysts forecast that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

MYR Group Company Profile

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.