Cwm LLC Has $523,000 Stake in MYR Group, Inc. $MYRG

Key Points

• Cwm LLC increased its stake in MYR Group, Inc. by 123.0%, holding a total of 2,884 shares worth $523,000 as per the latest SEC filing.
• MYR Group reported earnings of $1.70 EPS for the latest quarter, exceeding estimates, and its revenue increased by 8.6% year-over-year to $900.33 million.
• Wall Street analysts have mixed views on MYR Group, with a consensus rating of "Hold" and an average price target set at $194.50.

Cwm LLC raised its stake in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 123.0% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 2,884 shares of the utilities provider's stock after purchasing an additional 1,591 shares during the period. Cwm LLC's holdings in MYR Group were worth $523,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Maseco LLP acquired a new position in MYR Group during the 2nd quarter valued at about $28,000. Quarry LP boosted its stake in MYR Group by 190.4% during the 1st quarter. Quarry LP now owns 273 shares of the utilities provider's stock valued at $31,000 after purchasing an additional 179 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of MYR Group by 266.0% in the 2nd quarter. UMB Bank n.a. now owns 194 shares of the utilities provider's stock worth $35,000 after buying an additional 141 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted 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 buying an additional 165 shares during the last quarter. Finally, ANTIPODES PARTNERS Ltd boosted its stake in shares of MYR Group by 16.3% in the 1st quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider's stock worth $81,000 after buying an additional 101 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

MYR Group Price Performance

MYR Group stock opened at $219.63 on Friday. MYR Group, Inc. has a 12 month low of $97.72 and a 12 month high of $221.17. 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 business's 50 day simple moving average is $192.07 and its 200 day simple moving average is $173.23. The company has a market cap of $3.41 billion, a price-to-earnings ratio of 45.85 and a beta of 1.19.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MYRG. 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. Weiss Ratings restated a "hold (c+)" rating on shares of MYR Group in a research note on Wednesday, October 8th. Jefferies Financial Group began coverage on MYR Group in a research note on Friday, August 15th. They issued a "hold" rating and a $202.00 target price on the stock. KeyCorp restated a "sector weight" rating on shares of MYR Group in a research note on Wednesday, October 1st. Finally, Wall Street Zen downgraded MYR Group from a "strong-buy" rating to a "buy" rating in a research note on Friday, October 3rd. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $194.50.

About MYR Group

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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