Fox Run Management L.L.C. Makes New $1.18 Million Investment in MYR Group, Inc. $MYRG

Key Points

• Fox Run Management L.L.C. made a new investment in MYR Group, Inc., acquiring 10,424 shares valued at approximately $1.18 million, representing a 0.07% ownership stake in the company.
• Several institutional investors increased their stakes in MYR Group significantly during the first quarter, with Caitong International Asset Management boosting its stake by 92.7%.
• MYR Group reported earnings of $1.70 EPS for the quarter, surpassing analysts' expectations and showing an 8.6% year-over-year revenue growth.

Fox Run Management L.L.C. acquired a new position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 10,424 shares of the utilities provider's stock, valued at approximately $1,179,000. Fox Run Management L.L.C. owned approximately 0.07% of MYR Group at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Wellington Management Group LLP purchased a new position in MYR Group during the fourth quarter worth $60,217,000. Nuveen LLC purchased a new stake in shares of MYR Group in the first quarter valued at $18,511,000. T. Rowe Price Investment Management Inc. lifted its position in shares of MYR Group by 42.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider's stock valued at $79,942,000 after acquiring an additional 159,302 shares in the last quarter. Millennium Management LLC boosted its stake in shares of MYR Group by 38.4% during the fourth quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider's stock valued at $68,706,000 after acquiring an additional 128,159 shares during the last quarter. Finally, Voya Investment Management LLC boosted its stake in shares of MYR Group by 185.0% during the fourth quarter. Voya Investment Management LLC now owns 165,447 shares of the utilities provider's stock valued at $24,614,000 after acquiring an additional 107,403 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MYRG. The Goldman Sachs Group boosted their target price on shares of MYR Group from $168.00 to $205.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. KeyCorp lifted their price target on shares of MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Piper Sandler boosted their price objective on shares of MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Wall Street Zen upgraded shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Finally, Stifel Nicolaus set a $210.00 target price on shares of MYR Group in a research note on Monday, August 4th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $191.83.

MYR Group Trading Down 0.1%

Shares of MYRG stock traded down $0.22 during trading hours on Wednesday, hitting $181.47. 170,883 shares of the company were exchanged, compared to its average volume of 214,792. The firm has a market cap of $2.82 billion, a PE ratio of 37.89 and a beta of 1.17. MYR Group, Inc. has a 1 year low of $86.60 and a 1 year high of $220.01. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14. The firm has a fifty day moving average of $183.79 and a 200 day moving average of $151.02.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its 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 firm had revenue of $900.33 million during the quarter, compared to the consensus estimate of $828.20 million. During the same period in the previous year, the firm earned ($0.91) earnings per share. MYR Group's revenue was up 8.6% compared to the same quarter last year. 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.