MYR Group, Inc. $MYRG Shares Purchased by New York State Teachers Retirement System

New York State Teachers Retirement System grew its stake in MYR Group, Inc. (NASDAQ:MYRG) by 45.1% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 5,452 shares of the utilities provider’s stock after purchasing an additional 1,694 shares during the period. New York State Teachers Retirement System’s holdings in MYR Group were worth $1,191,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC boosted its holdings in shares of MYR Group by 212.2% in the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 104 shares during the period. Signaturefd LLC boosted its holdings in shares of MYR Group by 65.7% in the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after acquiring an additional 65 shares in the last quarter. First Horizon Corp acquired a new position in shares of MYR Group during the third quarter worth about $47,000. Johnson Financial Group Inc. purchased a new position in MYR Group during the third quarter worth about $74,000. Finally, USA Financial Formulas purchased a new position in MYR Group during the fourth quarter worth about $76,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Trading Up 2.5%

Shares of MYRG opened at $437.86 on Friday. The stock has a fifty day moving average of $303.61 and a two-hundred day moving average of $258.91. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31. The company has a market capitalization of $6.82 billion, a PE ratio of 48.28 and a beta of 1.30. MYR Group, Inc. has a fifty-two week low of $152.93 and a fifty-two week high of $475.39.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.90. The business had revenue of $1 billion for the quarter, compared to analysts’ expectations of $932.45 million. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The business’s revenue was up 20.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.45 earnings per share. As a group, analysts forecast that MYR Group, Inc. will post 9.84 EPS for the current year.

Analyst Ratings Changes

A number of research firms recently weighed in on MYRG. Robert W. Baird set a $373.00 price target on MYR Group in a research note on Thursday, April 30th. The Goldman Sachs Group raised their price target on MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research report on Tuesday, March 3rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a research note on Tuesday, April 21st. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. Finally, Cantor Fitzgerald increased their price objective on shares of MYR Group from $285.00 to $311.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $292.71.

MYR Group 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.