Charles Schwab Investment Management Inc. Acquires 9,971 Shares of MYR Group, Inc. $MYRG

Key Points

• Charles Schwab Investment Management Inc. increased its stake in MYR Group, Inc. by 4.1%, now owning approximately 1.62% of the company, worth about $28.5 million.
• MYR Group reported strong quarterly earnings, with $1.70 earnings per share, exceeding expectations and achieving a revenue of $900.33 million, up 8.6% year-over-year.
• MYR Group's stock is currently down 1.0%, with a 12-month range between $86.60 and $220.01, reflecting volatility in the market.

Charles Schwab Investment Management Inc. boosted its position in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 4.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 252,172 shares of the utilities provider's stock after acquiring an additional 9,971 shares during the period. Charles Schwab Investment Management Inc. owned 1.62% of MYR Group worth $28,518,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. boosted its holdings in MYR Group by 42.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider's stock valued at $79,942,000 after acquiring an additional 159,302 shares during the last quarter. Millennium Management LLC boosted its holdings in MYR Group by 38.4% in the fourth quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider's stock valued at $68,706,000 after acquiring an additional 128,159 shares during the last quarter. Wellington Management Group LLP bought a new position in MYR Group in the fourth quarter valued at about $60,217,000. Jacobs Levy Equity Management Inc. boosted its holdings in MYR Group by 16.9% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 276,136 shares of the utilities provider's stock worth $41,081,000 after buying an additional 39,954 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in MYR Group by 18.3% during the fourth quarter. Ameriprise Financial Inc. now owns 263,530 shares of the utilities provider's stock worth $39,205,000 after buying an additional 40,827 shares during the last quarter. Institutional investors own 88.90% of the company's stock.

MYR Group Stock Up 1.4%

Shares of NASDAQ MYRG traded up $2.56 during mid-day trading on Friday, reaching $185.58. 230,046 shares of the company's stock were exchanged, compared to its average volume of 210,848. The firm has a market capitalization of $2.88 billion, a price-to-earnings ratio of 38.74 and a beta of 1.17. 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 business has a fifty day simple moving average of $184.59 and a 200 day simple moving average of $151.68. MYR Group, Inc. has a twelve month low of $86.60 and a twelve month high of $220.01.

MYR Group (NASDAQ:MYRG - Get Free Report) last released 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 company had revenue of $900.33 million for the quarter, compared to analyst estimates of $828.20 million. MYR Group had a return on equity of 13.16% and a net margin of 2.21%.MYR Group's revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.91) earnings per share. As a group, equities analysts expect that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have issued reports on MYRG shares. The Goldman Sachs Group raised their target price on 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 MYR Group in a report on Monday, August 4th. KeyCorp raised their target price on MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Robert W. Baird raised their target price on MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Finally, Piper Sandler raised their target price on MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average 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.