Intech Investment Management LLC Acquires 3,647 Shares of MYR Group, Inc. $MYRG

Key Points

• Intech Investment Management LLC increased its stake in MYR Group by 24.5%, acquiring an additional 3,647 shares in the first quarter, bringing its total ownership to approximately 0.12% of the company.
• MYR Group's recent quarterly earnings showed an EPS of $1.70, exceeding analyst expectations of $1.56 and marking an 8.6% increase in revenue year-over-year.
• A significant portion of MYR Group's stock, about 88.90%, is now held by institutional investors, indicating strong institutional interest in the company.

Intech Investment Management LLC boosted its holdings in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 24.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,540 shares of the utilities provider's stock after buying an additional 3,647 shares during the quarter. Intech Investment Management LLC owned approximately 0.12% of MYR Group worth $2,097,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in MYRG. Wellington Management Group LLP bought a new stake in MYR Group in the fourth quarter worth approximately $60,217,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in MYR Group by 214.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 302,549 shares of the utilities provider's stock worth $34,215,000 after purchasing an additional 206,369 shares during the last quarter. Nuveen LLC bought a new stake in shares of MYR Group in the first quarter valued at $18,511,000. Hawk Ridge Capital Management LP raised its stake in shares of MYR Group by 30.1% during the 1st quarter. Hawk Ridge Capital Management LP now owns 298,436 shares of the utilities provider's stock valued at $33,750,000 after purchasing an additional 69,100 shares during the period. Finally, GAMMA Investing LLC raised its stake in shares of MYR Group by 12,329.7% during the 1st 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. 88.90% of the stock is currently owned by institutional investors.

MYR Group Price Performance

MYRG stock traded down $5.23 during trading on Friday, hitting $178.85. The stock had a trading volume of 511,069 shares, compared to its average volume of 168,040. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.33 and a quick ratio of 1.33. MYR Group, Inc. has a twelve month low of $97.72 and a twelve month high of $220.01. The stock has a market capitalization of $2.78 billion, a P/E ratio of 37.34 and a beta of 1.18. The company's 50-day moving average price is $185.77 and its two-hundred day moving average price is $158.51.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $900.33 million for the quarter, compared to analysts' expectations 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 period in the previous year, the firm posted ($0.91) EPS. As a group, research analysts predict that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

MYRG has been the subject of a number of research reports. Wall Street Zen upgraded MYR Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. KeyCorp increased their price objective on MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. 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 raised their price objective on MYR Group from $168.00 to $205.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Finally, Stifel Nicolaus set a $210.00 price objective on MYR Group in a research report on Monday, August 4th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, MYR Group presently has an average rating of "Moderate Buy" and an average target price 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.