Trexquant Investment LP Makes New $6.94 Million Investment in MYR Group, Inc. $MYRG

Key Points

• Trexquant Investment LP acquired 61,339 shares of MYR Group, Inc., valued at approximately $6.9 million, representing 0.40% of the company's stock.
• MYR Group reported earnings of $1.70 per share for the last quarter, exceeding analysts' expectations, with revenues of $900.33 million, up 8.6% year-over-year.
• Analyst ratings for MYR Group reflect a "Moderate Buy" consensus, with price targets ranging from $153.00 to $211.00 from various firms.

Trexquant Investment LP acquired a new position in MYR Group, Inc. (NASDAQ:MYRG - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 61,339 shares of the utilities provider's stock, valued at approximately $6,937,000. Trexquant Investment LP owned 0.40% of MYR Group as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd grew its position in MYR Group by 92.7% in the first quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider's stock worth $39,000 after acquiring an additional 165 shares during the period. Versant Capital Management Inc grew its stake in shares of MYR Group by 85.4% in the first quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock valued at $52,000 after buying an additional 210 shares in the last quarter. ANTIPODES PARTNERS Ltd grew its stake in shares of MYR Group by 16.3% in the first quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider's stock valued at $81,000 after buying an additional 101 shares in the last quarter. CWM LLC grew its stake in shares of MYR Group by 176.9% in the first quarter. CWM LLC now owns 1,293 shares of the utilities provider's stock valued at $146,000 after buying an additional 826 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in shares of MYR Group by 234.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,337 shares of the utilities provider's stock valued at $199,000 after buying an additional 937 shares in the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MYRG has been the subject of several analyst reports. Jefferies Financial Group initiated coverage on MYR Group in a research note on Friday, August 15th. They set a "hold" rating and a $202.00 target price for the company. The Goldman Sachs Group boosted their target price on MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Stifel Nicolaus set a $210.00 target price on MYR Group in a research note on Monday, August 4th. Finally, KeyCorp lifted their price target on MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $191.83.

MYR Group Stock Performance

Shares of MYR Group stock traded down $0.84 on Thursday, hitting $181.93. The stock had a trading volume of 74,575 shares, compared to its average volume of 211,453. MYR Group, Inc. has a 52-week low of $86.60 and a 52-week high of $220.01. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.14. The stock has a market cap of $2.82 billion, a price-to-earnings ratio of 37.98 and a beta of 1.18. The company's 50 day moving average price is $187.08 and its 200 day moving average price is $154.09.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.14. The firm had revenue of $900.33 million for the quarter, compared to analysts' expectations of $828.20 million. MYR Group had a return on equity of 13.16% and a net margin of 2.21%.The firm's revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.91) EPS. On average, research analysts anticipate that MYR Group, Inc. will post 1.16 EPS for the current year.

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.