Dark Forest Capital Management LP acquired a new stake in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 3,002 shares of the utilities provider's stock, valued at approximately $447,000.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. MCF Advisors LLC grew its stake in MYR Group by 470.0% in the fourth quarter. MCF Advisors LLC now owns 171 shares of the utilities provider's stock worth $25,000 after purchasing an additional 141 shares during the period. Arcadia Investment Management Corp MI purchased a new stake in shares of MYR Group in the 4th quarter worth about $47,000. Smartleaf Asset Management LLC increased its stake in shares of MYR Group by 697.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider's stock worth $49,000 after acquiring an additional 286 shares in the last quarter. GAMMA Investing LLC lifted its position in MYR Group by 27.0% during the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider's stock valued at $83,000 after acquiring an additional 118 shares during the period. Finally, ANTIPODES PARTNERS Ltd boosted its stake in MYR Group by 13.2% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider's stock worth $92,000 after acquiring an additional 72 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.
Analyst Ratings Changes
MYRG has been the subject of a number of recent research reports. Robert W. Baird lifted their price objective on MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a research note on Thursday. Piper Sandler assumed coverage on MYR Group in a research report on Tuesday, April 8th. They issued a "neutral" rating and a $124.00 price target for the company. Stifel Nicolaus cut their price objective on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. KeyCorp lifted their target price on shares of MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a report on Friday. Finally, The Goldman Sachs Group dropped their target price on shares of MYR Group from $164.00 to $145.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $146.60.
Read Our Latest Analysis on MYRG
MYR Group Stock Performance
Shares of MYRG stock traded up $2.90 during trading hours on Friday, reaching $150.00. The company had a trading volume of 209,929 shares, compared to its average volume of 213,804. The firm has a market cap of $2.42 billion, a PE ratio of 65.50 and a beta of 1.07. The business has a fifty day moving average price of $117.63 and a 200-day moving average price of $135.16. MYR Group Inc. has a one year low of $86.60 and a one year high of $168.88. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35.
MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 EPS for the quarter, topping the consensus estimate of $1.18 by $0.27. The company had revenue of $833.62 million during the quarter, compared to analyst estimates of $788.98 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. During the same quarter in the previous year, the company posted $1.12 earnings per share. MYR Group's revenue was up 2.2% compared to the same quarter last year. Sell-side analysts predict that MYR Group Inc. will post 1.16 earnings per share for the current fiscal year.
About MYR Group
(
Free Report)
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.
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