GAMMA Investing LLC Grows Stake in MYR Group Inc. (NASDAQ:MYRG)

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

A number of other institutional investors have also recently added to or reduced their stakes in the business. Versant Capital Management Inc raised its holdings in MYR Group by 85.4% during the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock worth $52,000 after purchasing an additional 210 shares during the last quarter. Wellington Management Group LLP bought a new position in MYR Group in the 4th quarter valued at about $60,217,000. Mackenzie Financial Corp raised its stake in shares of MYR Group by 121.4% in the fourth quarter. Mackenzie Financial Corp now owns 10,815 shares of the utilities provider's stock worth $1,609,000 after purchasing an additional 5,930 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in MYR Group by 4.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 96,180 shares of the utilities provider's stock valued at $14,309,000 after buying an additional 3,720 shares during the last quarter. Finally, Wolverine Trading LLC bought a new position in shares of MYR Group during the fourth quarter valued at about $304,000. 88.90% of the stock is owned by institutional investors.

MYR Group Stock Performance

NASDAQ:MYRG traded up $0.08 on Thursday, reaching $165.38. 141,591 shares of the company's stock were exchanged, compared to its average volume of 225,493. The firm has a market cap of $2.57 billion, a price-to-earnings ratio of 72.22 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. The stock has a fifty day simple moving average of $141.58 and a 200-day simple moving average of $140.43. MYR Group Inc. has a 52 week low of $86.60 and a 52 week high of $168.88.

MYR Group (NASDAQ:MYRG - Get Free Report) last released 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. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The business had revenue of $833.62 million during the quarter, compared to analyst estimates of $788.98 million. During the same period in the previous year, the business earned $1.12 EPS. MYR Group's revenue was up 2.2% compared to the same quarter last year. As a group, sell-side analysts predict that MYR Group Inc. will post 1.16 earnings per share for the current year.

Analyst Ratings Changes

MYRG has been the subject of several recent analyst reports. Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. The Goldman Sachs Group downgraded shares of 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 report on Friday, June 6th. Stifel Nicolaus lowered their price objective on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. KeyCorp increased their target price on shares of MYR Group from $136.00 to $163.00 and gave the company an "overweight" rating in a research report on Friday, May 2nd. Finally, Piper Sandler raised their price target on shares of MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus 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.