Boston Partners Has $10.10 Million Stock Holdings in MYR Group, Inc. $MYRG

Key Points

• Boston Partners has reduced its holdings in MYR Group, Inc. by 10.2%, owning 89,324 shares worth approximately $10.1 million as of the latest SEC filing.
• Several institutional investors, including SG Americas Securities LLC and GAMMA Investing LLC, have made significant new investments in MYR Group during the same quarter, indicating strong interest from the investment community.
• Wall Street analysts have been optimistic about MYR Group, raising price targets and ratings, with an average target price now at $191.83 and a consensus rating of "Moderate Buy."

Boston Partners cut its position in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 10.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 89,324 shares of the utilities provider's stock after selling 10,193 shares during the period. Boston Partners owned 0.58% of MYR Group worth $10,102,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd lifted its stake in shares of MYR Group by 92.7% in the 1st 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. Public Sector Pension Investment Board lifted its stake in shares of MYR Group by 27.3% in the first quarter. Public Sector Pension Investment Board now owns 51,145 shares of the utilities provider's stock valued at $5,784,000 after purchasing an additional 10,982 shares during the period. Nuveen LLC acquired a new stake in shares of MYR Group in the first quarter valued at about $18,511,000. Neumeier Poma Investment Counsel LLC increased its holdings in MYR Group by 1.7% during the 1st quarter. Neumeier Poma Investment Counsel LLC now owns 117,351 shares of the utilities provider's stock valued at $13,271,000 after acquiring an additional 1,990 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in MYR Group by 4.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 252,172 shares of the utilities provider's stock valued at $28,518,000 after acquiring an additional 9,971 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on MYRG. Piper Sandler raised their target price on shares of MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. Stifel Nicolaus set a $210.00 target price on shares of MYR Group in a report on Monday, August 4th. Wall Street Zen raised shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Robert W. Baird lifted their price target on shares of MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Finally, The Goldman Sachs Group boosted their target price 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 investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $191.83.

MYR Group Trading Up 0.3%

MYRG stock traded up $0.6050 during mid-day trading on Thursday, reaching $182.0750. 13,528 shares of the stock traded hands, compared to its average volume of 213,423. The company has a market cap of $2.83 billion, a P/E ratio of 37.99 and a beta of 1.17. 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's fifty day moving average is $183.79 and its 200-day moving average is $151.02.

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