GSA Capital Partners LLP Acquires 7,021 Shares of MYR Group, Inc. (NASDAQ:MYRG)

Key Points

• GSA Capital Partners LLP increased its stake in MYR Group, Inc. by 61.8%, acquiring 7,021 shares in the first quarter, raising its total holdings to 18,390 shares valued at approximately $2.08 million.
• Multiple institutional investors recently boosted their positions in MYR Group, with 88.90% of the stock now owned by institutional investors, indicating strong institutional interest.
• Analysts have set a consensus price target of $180.00 for MYR Group, with differing ratings including a "strong-buy" from Wall Street Zen and a "neutral" from Goldman Sachs.

GSA Capital Partners LLP grew its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 61.8% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 18,390 shares of the utilities provider's stock after buying an additional 7,021 shares during the period. GSA Capital Partners LLP owned approximately 0.12% of MYR Group worth $2,080,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of MYRG. Sei Investments Co. raised its position in MYR Group by 15.3% in the 4th quarter. Sei Investments Co. now owns 27,190 shares of the utilities provider's stock valued at $4,045,000 after buying an additional 3,607 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of MYR Group during the 4th quarter valued at $759,000. Wellington Management Group LLP purchased a new stake in shares of MYR Group during the 4th quarter valued at $60,217,000. Franklin Resources Inc. purchased a new stake in shares of MYR Group during the 4th quarter valued at $1,143,000. Finally, Bryce Point Capital LLC purchased a new stake in shares of MYR Group during the 4th quarter valued at $1,018,000. 88.90% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MYRG has been the subject of several research analyst reports. Piper Sandler raised their target price on MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Stifel Nicolaus raised their target price on MYR Group from $174.00 to $204.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. The Goldman Sachs Group downgraded MYR Group from a "buy" rating to a "neutral" rating and lifted their price target for the company from $145.00 to $168.00 in a research report on Friday, June 6th. Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. Finally, Robert W. Baird raised their price objective on MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $180.00.

MYR Group Price Performance

MYRG opened at $196.64 on Tuesday. The stock has a market capitalization of $3.05 billion, a PE ratio of 90.20 and a beta of 1.19. The stock's 50 day moving average price is $174.87 and its 200-day moving average price is $146.24. MYR Group, Inc. has a 52-week low of $86.60 and a 52-week high of $205.35. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.31 and a current ratio of 1.31.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.27. The company had revenue of $833.62 million for the quarter, compared to analysts' expectations of $788.98 million. MYR Group had a return on equity of 5.84% and a net margin of 1.02%. The firm's revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.12 earnings per share. On average, equities research analysts predict that MYR Group, Inc. will post 1.16 EPS for the current year.

MYR Group Company 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.

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