1060 Capital LLC Takes Position in MYR Group Inc. (NASDAQ:MYRG)

1060 Capital LLC bought a new stake in MYR Group Inc. (NASDAQ:MYRG - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 55,000 shares of the utilities provider's stock, valued at approximately $8,182,000. MYR Group comprises 16.2% of 1060 Capital LLC's holdings, making the stock its 2nd biggest holding. 1060 Capital LLC owned approximately 0.34% of MYR Group as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MYRG. Wellington Management Group LLP bought a new stake in MYR Group in the fourth quarter worth approximately $60,217,000. ACK Asset Management LLC bought a new position in MYR Group during the fourth quarter worth $29,754,000. T. Rowe Price Investment Management Inc. boosted its holdings in MYR Group by 42.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider's stock valued at $79,942,000 after purchasing an additional 159,302 shares during the period. Next Century Growth Investors LLC raised its position in shares of MYR Group by 513.8% during the fourth quarter. Next Century Growth Investors LLC now owns 151,610 shares of the utilities provider's stock valued at $22,555,000 after buying an additional 126,910 shares during the last quarter. Finally, Voya Investment Management LLC grew its position in MYR Group by 185.0% during the fourth quarter. Voya Investment Management LLC now owns 165,447 shares of the utilities provider's stock worth $24,614,000 after buying an additional 107,403 shares in the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Trading Up 2.1 %

NASDAQ MYRG traded up $3.24 on Wednesday, reaching $156.14. The company had a trading volume of 82,539 shares, compared to its average volume of 213,788. MYR Group Inc. has a 52 week low of $86.60 and a 52 week high of $168.88. The stock's 50 day moving average is $119.51 and its 200-day moving average is $135.89. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. The stock has a market cap of $2.42 billion, a price-to-earnings ratio of 68.23 and a beta of 1.06.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.27. The company had revenue of $833.62 million for the quarter, compared to analyst estimates of $788.98 million. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The business's revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period last year, the business posted $1.12 earnings per share. Equities analysts predict that MYR Group Inc. will post 1.16 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MYRG. StockNews.com upgraded shares of MYR Group from a "hold" rating to a "buy" rating in a research note on Monday. KeyCorp raised their price target on shares of MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a research note on Friday, May 2nd. Piper Sandler upped their price objective on MYR Group from $124.00 to $138.00 and gave the company a "neutral" rating in a research note on Monday. Robert W. Baird raised their target price on MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Finally, The Goldman Sachs Group cut their price objective on MYR Group from $164.00 to $145.00 and set a "buy" rating for the company in a report on Thursday, April 24th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $149.40.

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.