GAMMA Investing LLC Raises Holdings in MYR Group Inc. (NASDAQ:MYRG)

GAMMA Investing LLC grew its position in MYR Group Inc. (NASDAQ:MYRG - Free Report) by 12,329.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 68,985 shares of the utilities provider's stock after buying an additional 68,430 shares during the quarter. GAMMA Investing LLC owned 0.43% of MYR Group worth $7,802,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in MYRG. Arcadia Investment Management Corp MI purchased a new stake in shares of MYR Group in the 4th quarter worth $47,000. Smartleaf Asset Management LLC raised its position in shares of MYR Group by 697.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider's stock worth $49,000 after acquiring an additional 286 shares in the last quarter. Versant Capital Management Inc raised its position in shares of MYR Group by 85.4% in the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock worth $52,000 after acquiring an additional 210 shares in the last quarter. ANTIPODES PARTNERS Ltd raised its position in shares of MYR Group by 13.2% in the 4th quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider's stock worth $92,000 after acquiring an additional 72 shares in the last quarter. Finally, Quadrant Capital Group LLC raised its position in shares of MYR Group by 52.4% in the 4th quarter. Quadrant Capital Group LLC now owns 666 shares of the utilities provider's stock worth $99,000 after acquiring an additional 229 shares in the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

MYR Group Trading Up 0.6%

Shares of NASDAQ:MYRG opened at $165.57 on Monday. The business's 50-day moving average is $138.40 and its 200 day moving average is $139.99. MYR Group Inc. has a 1 year low of $86.60 and a 1 year high of $168.88. The firm has a market capitalization of $2.57 billion, a P/E ratio of 72.30 and a beta of 1.17. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share for the quarter, beating analysts' consensus estimates of $1.18 by $0.27. The business had revenue of $833.62 million for the quarter, compared to analyst estimates of $788.98 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The company's revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.12 earnings per share. On average, research analysts predict that MYR Group Inc. will post 1.16 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. KeyCorp boosted their price target on MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a research report on Friday, May 2nd. Piper Sandler boosted their price target on MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 27th. 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 report on Thursday, May 1st. Finally, The Goldman Sachs Group lowered MYR Group from a "buy" rating to a "neutral" rating and boosted their price target for the stock from $145.00 to $168.00 in a research report on Friday. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $157.00.

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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