MYR Group, Inc. $MYRG Shares Acquired by Jacobs Levy Equity Management Inc.

Key Points

• Jacobs Levy Equity Management Inc. has increased its stake in MYR Group, acquiring an additional 9,818 shares, bringing its total ownership to approximately 1.84% of the company, worth about $32.3 million.
• MYR Group received positive ratings from analysts, with price targets raised to between $205.00 and $211.00, indicating a generally favorable outlook on the stock.
• The company's latest earnings report revealed an EPS of $1.70, surpassing analyst estimates and showcasing a revenue increase of 8.6% year-over-year, totaling $900.33 million.

Jacobs Levy Equity Management Inc. raised its position in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 3.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 285,954 shares of the utilities provider's stock after acquiring an additional 9,818 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 1.84% of MYR Group worth $32,339,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. SG Americas Securities LLC acquired a new stake in shares of MYR Group in the 1st quarter worth $440,000. Teacher Retirement System of Texas acquired a new stake in shares of MYR Group in the first quarter valued at about $267,000. GAMMA Investing LLC lifted its stake in shares of MYR Group by 12,329.7% in the first quarter. GAMMA Investing LLC now owns 68,985 shares of the utilities provider's stock valued at $7,802,000 after purchasing an additional 68,430 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of MYR Group in the first quarter valued at about $1,922,000. Finally, Nuveen LLC acquired a new stake in shares of MYR Group in the first quarter valued at about $18,511,000. Institutional investors and hedge funds own 88.90% of the company's stock.

MYR Group Trading Up 0.6%

Shares of NASDAQ MYRG traded up $1.00 during midday trading on Thursday, reaching $179.26. 37,541 shares of the stock were exchanged, compared to its average volume of 209,901. The company has a market capitalization of $2.78 billion, a P/E ratio of 37.50 and a beta of 1.18. MYR Group, Inc. has a 52-week low of $93.93 and a 52-week high of $220.01. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.14. The stock has a 50 day moving average price of $186.83 and a 200-day moving average price of $155.79.

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

Wall Street Analyst Weigh In

Several analysts recently commented on MYRG shares. Jefferies Financial Group started coverage on shares of MYR Group in a research note on Friday, August 15th. They issued a "hold" rating and a $202.00 price objective for the company. Stifel Nicolaus set a $210.00 price objective on shares of MYR Group in a research note on Monday, August 4th. KeyCorp raised their price objective on shares of MYR Group from $205.00 to $211.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. The Goldman Sachs Group raised their target price on shares of MYR Group from $168.00 to $205.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Finally, Wall Street Zen upgraded shares of MYR Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $191.83.

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.