Ballentine Partners LLC Acquires Shares of 1,258 MYR Group, Inc. $MYRG

Key Points

• Ballentine Partners LLC acquired 1,258 shares of MYR Group, Inc. valued at approximately $228,000, marking a notable investment in the utilities provider.
• MYR Group reported a 12-month revenue growth of 8.6% year-over-year, with earnings per share (EPS) of $1.70, surpassing analysts' expectations.
• Over 88% of MYR Group's stock is owned by hedge funds and institutional investors, indicating strong institutional interest in the company.

Ballentine Partners LLC acquired a new stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 1,258 shares of the utilities provider's stock, valued at approximately $228,000.

Several other large investors also recently added to or reduced their stakes in the stock. ANTIPODES PARTNERS Ltd boosted its position in MYR Group by 16.3% in the 1st quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider's stock valued at $81,000 after buying an additional 101 shares during the period. Baird Financial Group Inc. boosted its position in MYR Group by 3.8% in the 1st quarter. Baird Financial Group Inc. now owns 2,974 shares of the utilities provider's stock valued at $336,000 after buying an additional 108 shares during the period. UMB Bank n.a. boosted its position in MYR Group by 266.0% in the 2nd quarter. UMB Bank n.a. now owns 194 shares of the utilities provider's stock valued at $35,000 after buying an additional 141 shares during the period. US Bancorp DE boosted its position in MYR Group by 2.4% in the 1st quarter. US Bancorp DE now owns 6,261 shares of the utilities provider's stock valued at $708,000 after buying an additional 144 shares during the period. Finally, Maseco LLP purchased a new stake in MYR Group in the 2nd quarter valued at about $28,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Trading Up 4.2%

Shares of MYR Group stock opened at $206.93 on Tuesday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.14. MYR Group, Inc. has a 12-month low of $97.72 and a 12-month high of $220.01. The firm has a market capitalization of $3.21 billion, a price-to-earnings ratio of 43.20 and a beta of 1.18. The firm's 50 day simple moving average is $186.26 and its two-hundred day simple moving average is $162.42.

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 analysts' consensus estimates of $1.56 by $0.14. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The business had revenue of $900.33 million for the quarter, compared to analyst estimates of $828.20 million. During the same quarter in the prior year, the business posted ($0.91) EPS. MYR Group's revenue for the quarter was up 8.6% compared to the same quarter last year. Analysts predict that MYR Group, Inc. will post 1.16 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Jefferies Financial Group assumed coverage on shares of MYR Group in a research report on Friday, August 15th. They issued a "hold" rating and a $202.00 price objective for the company. Stifel Nicolaus set a $210.00 price target on shares of MYR Group in a research report on Monday, August 4th. KeyCorp upped their price target on shares of MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Finally, The Goldman Sachs Group upped their price target on shares of MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $191.83.

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.

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