California State Teachers Retirement System Purchases 8,994,444 Shares of MYR Group, Inc. $MYRG

Key Points

• California State Teachers Retirement System increased its MYR Group stake by 49,257.6%, purchasing 8,994,444 additional shares to own 9,012,704 shares, or approximately 57.89% of the company.
• MYR Group reported quarterly earnings of $3.17 per share, exceeding estimates of $2.62, while revenue rose 20.1% year over year to $1.08 billion.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $451.20, although MYRG recently traded at $286.84 and several firms have lowered ratings or price targets.

California State Teachers Retirement System lifted its position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 49,257.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,012,704 shares of the utilities provider's stock after buying an additional 8,994,444 shares during the quarter. California State Teachers Retirement System owned about 57.89% of MYR Group worth $4,509,957,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Kilter Group LLC bought a new stake in MYR Group during the second quarter valued at $25,000. Carolina Wealth Advisors LLC bought a new position in shares of MYR Group in the 2nd quarter worth about $30,000. Global Retirement Partners LLC bought a new position in shares of MYR Group in the 2nd quarter worth about $30,000. Parallel Advisors LLC raised its position in shares of MYR Group by 207.9% in the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider's stock worth $33,000 after acquiring an additional 79 shares in the last quarter. Finally, Acumen Wealth Advisors LLC acquired a new position in shares of MYR Group in the 4th quarter valued at about $35,000. Institutional investors own 88.90% of the company's stock.

MYR Group Stock Performance

Shares of MYRG opened at $286.84 on Thursday. MYR Group, Inc. has a one year low of $171.51 and a one year high of $503.57. The company has a market cap of $4.47 billion, a PE ratio of 27.21 and a beta of 1.31. The stock has a 50-day moving average of $349.64 and a 200-day moving average of $361.25. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, topping analysts' consensus estimates of $2.62 by $0.55. The business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $995.74 million. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The firm's revenue for the quarter was up 20.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.70 EPS. On average, equities research analysts predict that MYR Group, Inc. will post 12.43 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on MYRG shares. Zacks Research upgraded MYR Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 10th. The Goldman Sachs Group lowered their target price on MYR Group from $469.00 to $422.00 and set a "neutral" rating for the company in a report on Thursday, August 13th. Wall Street Zen lowered MYR Group from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 29th. Weiss Ratings cut MYR Group from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, September 2nd. Finally, Jefferies Financial Group set a $392.00 price objective on shares of MYR Group in a research report on Friday, July 10th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $451.20.

MYR Group Company Profile

MYR Group Inc NASDAQ: MYRG is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.

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