MYR Group, Inc. $MYRG Stock Position Lifted by MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 10.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 192,906 shares of the utilities provider's stock after acquiring an additional 17,610 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 1.24% of MYR Group worth $21,816,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in MYRG. Quarry LP boosted its stake in shares of MYR Group by 190.4% in the first quarter. Quarry LP now owns 273 shares of the utilities provider's stock valued at $31,000 after buying an additional 179 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its stake in shares of MYR Group by 92.7% during the 1st 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. Versant Capital Management Inc increased its position in MYR Group by 85.4% during the first quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock worth $52,000 after buying an additional 210 shares in the last quarter. ANTIPODES PARTNERS Ltd raised its stake in MYR Group by 16.3% in the 1st quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider's stock valued at $81,000 after purchasing an additional 101 shares during the last quarter. Finally, CWM LLC raised its position in shares of MYR Group by 176.9% in the first quarter. CWM LLC now owns 1,293 shares of the utilities provider's stock valued at $146,000 after buying an additional 826 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

MYR Group Price Performance

MYRG traded down $1.41 during trading on Friday, reaching $177.76. The stock had a trading volume of 51,133 shares, compared to its average volume of 209,544. MYR Group, Inc. has a 1-year low of $95.42 and a 1-year high of $220.01. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14. The stock has a 50 day moving average of $186.64 and a two-hundred day moving average of $156.21. The firm has a market capitalization of $2.76 billion, a price-to-earnings ratio of 37.11 and a beta of 1.18.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its 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 for 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 business's revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.91) EPS. As a group, equities analysts anticipate that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently weighed in on MYRG. Piper Sandler increased their target price on MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 27th. The Goldman Sachs Group upped their price target on shares of MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Jefferies Financial Group assumed coverage on shares of MYR Group in a research note on Friday, August 15th. They set a "hold" rating and a $202.00 price objective on the stock. Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Finally, KeyCorp upped their price target on shares of MYR Group from $205.00 to $211.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $191.83.

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.