Fox Run Management L.L.C. Invests $1.18 Million 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 stake in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 10,424 shares of the utilities provider's stock, valued at approximately $1,179,000. Fox Run Management L.L.C. owned about 0.07% of MYR Group at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new position in MYR Group during the first quarter valued at $440,000. Teacher Retirement System of Texas purchased a new position in MYR Group during the first quarter valued at $267,000. GAMMA Investing LLC raised its stake in shares of MYR Group by 12,329.7% in the first quarter. GAMMA Investing LLC now owns 68,985 shares of the utilities provider's stock worth $7,802,000 after purchasing an additional 68,430 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of MYR Group in the first quarter worth $1,922,000. Finally, J. Safra Sarasin Holding AG purchased a new position in shares of MYR Group in the first quarter worth $2,011,000. Hedge funds and other institutional investors own 88.90% of the company's stock.

MYR Group Stock Performance

NASDAQ:MYRG traded down $2.20 during mid-day trading on Tuesday, hitting $181.24. 45,021 shares of the company traded hands, compared to its average volume of 214,259. The stock's fifty day moving average price is $183.10 and its 200-day moving average price is $150.59. MYR Group, Inc. has a one year low of $86.60 and a one 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 market cap of $2.81 billion, a price-to-earnings ratio of 37.84 and a beta of 1.17.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share (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 during the quarter, compared to analyst estimates of $828.20 million. During the same quarter in the previous year, the company posted ($0.91) earnings per share. MYR Group's revenue for the quarter was up 8.6% on a year-over-year basis. Research analysts anticipate that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MYRG has been the subject of several recent analyst reports. Wall Street Zen upgraded MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Robert W. Baird boosted their price target on MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Stifel Nicolaus set a $210.00 price target on MYR Group in a research note on Monday, August 4th. The Goldman Sachs Group boosted their price target on MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Finally, Jefferies Financial Group initiated coverage on MYR Group in a research note on Friday. They issued a "hold" rating and a $202.00 price target for the company. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, MYR Group presently has a consensus rating of "Moderate Buy" and a consensus price target 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.