Hawk Ridge Capital Management LP Grows Stock Holdings in 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 raised its stake 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 SEC. The fund owned 298,436 shares of the utilities provider's stock after acquiring an additional 69,100 shares during the period. MYR Group makes up 1.6% of Hawk Ridge Capital Management LP's portfolio, making the stock its 24th largest holding. Hawk Ridge Capital Management LP owned approximately 1.92% of MYR Group worth $33,750,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Wellington Management Group LLP bought a new stake in shares of MYR Group in the 4th quarter worth about $60,217,000. Nuveen LLC bought a new stake in shares of MYR Group in the 1st quarter worth about $18,511,000. Millennium Management LLC increased its holdings in shares of MYR Group by 38.4% in the 4th quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider's stock worth $68,706,000 after buying an additional 128,159 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of MYR Group by 12,329.7% in the 1st quarter. GAMMA Investing LLC now owns 68,985 shares of the utilities provider's stock worth $7,802,000 after buying an additional 68,430 shares during the last quarter. Finally, Trexquant Investment LP bought a new stake in shares of MYR Group in the 1st quarter worth about $6,937,000. 88.90% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MYRG. The Goldman Sachs Group boosted their target price on shares of MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Stifel Nicolaus set a $210.00 target price on shares of MYR Group in a report on Monday, August 4th. KeyCorp boosted their target price on shares of MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Piper Sandler upped their price target on shares of MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. Finally, Jefferies Financial Group assumed coverage on shares of MYR Group in a report on Friday, August 15th. They set a "hold" rating and a $202.00 price target on the stock. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, MYR Group currently has an average rating of "Moderate Buy" and an average price target of $191.83.

MYR Group Trading Down 0.9%

MYR Group stock traded down $1.63 during trading hours on Monday, hitting $178.25. The company had a trading volume of 149,233 shares, compared to its average volume of 211,048. The firm has a market cap of $2.77 billion, a P/E ratio of 37.21 and a beta of 1.19. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.33 and a current ratio of 1.33. MYR Group, Inc. has a 1 year low of $86.60 and a 1 year high of $220.01. The company has a 50-day moving average price of $187.12 and a two-hundred day moving average price of $155.10.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $900.33 million during the quarter, compared to analysts' expectations of $828.20 million. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The firm's quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the company earned ($0.91) EPS. On average, sell-side analysts anticipate that MYR Group, Inc. will post 1.16 earnings per share for the current 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.