Hawk Ridge Capital Management LP Purchases 69,100 Shares of MYR Group, Inc. $MYRG

Key Points

• Hawk Ridge Capital Management LP increased its holdings in MYR Group, Inc. by 30.1% during the first quarter, owning 298,436 shares after purchasing an additional 69,100 shares.
• MYR Group reported earnings of $1.70 per share, exceeding analysts' expectations of $1.56, with revenue for the quarter reaching $900.33 million, up 8.6% year-over-year.
• Wall Street analysts have upgraded MYR Group's rating to "strong-buy" and set various price targets, with a consensus price target of $191.83.

Hawk Ridge Capital Management LP increased its position in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 30.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 298,436 shares of the utilities provider's stock after acquiring an additional 69,100 shares during the period. MYR Group makes up about 1.6% of Hawk Ridge Capital Management LP's investment portfolio, making the stock its 24th biggest position. Hawk Ridge Capital Management LP owned approximately 1.92% of MYR Group worth $33,750,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of MYRG. Captrust Financial Advisors boosted its holdings in shares of MYR Group by 0.9% during the fourth quarter. Captrust Financial Advisors now owns 8,519 shares of the utilities provider's stock worth $1,267,000 after purchasing an additional 75 shares during the last quarter. ANTIPODES PARTNERS Ltd increased its position in shares of MYR Group by 16.3% during the first quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider's stock worth $81,000 after acquiring an additional 101 shares during the last quarter. Baird Financial Group Inc. grew its stake in MYR Group by 3.8% in the first quarter. Baird Financial Group Inc. now owns 2,974 shares of the utilities provider's stock worth $336,000 after purchasing an additional 108 shares in the last quarter. US Bancorp DE grew its stake in MYR Group by 2.4% in the first quarter. US Bancorp DE now owns 6,261 shares of the utilities provider's stock worth $708,000 after purchasing an additional 144 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its stake in MYR Group by 92.7% in the first quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider's stock worth $39,000 after purchasing an additional 165 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Piper Sandler boosted their price objective on MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 27th. Wall Street Zen raised shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Stifel Nicolaus set a $210.00 target price on MYR Group in a research report on Monday, August 4th. KeyCorp lifted their target price on MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Finally, Jefferies Financial Group initiated coverage on shares of MYR Group in a research note on Friday, August 15th. They set a "hold" rating and a $202.00 price target for the company. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $191.83.

MYR Group Stock Performance

MYRG traded down $3.67 on Tuesday, reaching $174.58. The company had a trading volume of 63,324 shares, compared to its average volume of 210,158. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.33 and a current ratio of 1.33. The stock has a market cap of $2.71 billion, a P/E ratio of 36.48 and a beta of 1.18. The company's fifty day moving average is $187.05 and its 200 day moving average is $155.50. MYR Group, Inc. has a fifty-two week low of $88.36 and a fifty-two week high of $220.01.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.14. The business had revenue of $900.33 million for the quarter, compared to analyst estimates of $828.20 million. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The firm's revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.91) EPS. As a group, analysts predict that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal 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.