MYR Group, Inc. $MYRG Shares Purchased by Tidal Investments LLC

Key Points

• Tidal Investments LLC increased its MYR Group stake by 199.1% in the second quarter, acquiring 31,636 additional shares and bringing its holdings to 47,524 shares worth approximately $23.8 million. Institutional investors collectively own 88.9% of the company.
• Analyst sentiment remains generally positive, with MYR Group holding a “Moderate Buy” consensus rating and an average price target of $451.20, despite Goldman Sachs cutting its target to $422 and maintaining a neutral rating.
• MYR Group’s latest quarterly results exceeded expectations: earnings were $3.17 per share versus the $2.62 consensus, while revenue rose 20.1% year over year to $1.08 billion. Shares opened at $284.47, well below their 52-week high of $503.57.

Tidal Investments LLC grew its stake in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 199.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 47,524 shares of the utilities provider's stock after acquiring an additional 31,636 shares during the period. Tidal Investments LLC owned about 0.31% of MYR Group worth $23,781,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Kilter Group LLC purchased a new stake in shares of MYR Group in the 2nd quarter worth about $25,000. Carolina Wealth Advisors LLC acquired a new position in MYR Group during the second quarter worth about $30,000. Global Retirement Partners LLC purchased a new stake in shares of MYR Group in the second quarter valued at about $30,000. Parallel Advisors LLC lifted its holdings in shares of MYR Group by 207.9% in the first quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider's stock valued at $33,000 after purchasing an additional 79 shares in the last quarter. Finally, Acumen Wealth Advisors LLC acquired a new stake in shares of MYR Group in the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 88.90% of the company's stock.

Analyst Upgrades and Downgrades

MYRG has been the subject of a number of recent research reports. The Goldman Sachs Group dropped their price objective on shares of MYR Group from $469.00 to $422.00 and set a "neutral" rating for the company in a research note on Thursday, August 13th. Jefferies Financial Group set a $392.00 target price on MYR Group in a report on Friday, July 10th. Oppenheimer reissued a "market perform" rating on shares of MYR Group in a report on Thursday, June 11th. Zacks Research upgraded MYR Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 10th. Finally, Wall Street Zen lowered MYR Group from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 29th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, MYR Group has an average rating of "Moderate Buy" and an average target price of $451.20.

MYR Group Trading Down 0.8%

NASDAQ MYRG opened at $284.47 on Friday. The firm has a market capitalization of $4.43 billion, a price-to-earnings ratio of 26.99 and a beta of 1.31. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.40 and a current ratio of 1.40. MYR Group, Inc. has a one year low of $171.51 and a one year high of $503.57. The company's 50 day moving average price is $346.66 and its 200 day moving average price is $361.28.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, topping analysts' consensus estimates of $2.62 by $0.55. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The firm had revenue of $1.08 billion during the quarter, compared to analysts' expectations of $995.74 million. During the same period in the prior year, the company earned $1.70 EPS. The firm's revenue was up 20.1% on a year-over-year basis. On average, sell-side analysts predict that MYR Group, Inc. will post 12.43 EPS for the current year.

MYR Group Profile

MYR Group Inc NASDAQ: MYRG is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.

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