MYR Group Inc. (NASDAQ:MYRG) Position Increased by FACT Capital LP

FACT Capital LP boosted its position in MYR Group Inc. (NASDAQ:MYRG - Free Report) by 29.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 73,355 shares of the utilities provider's stock after purchasing an additional 16,475 shares during the quarter. MYR Group comprises approximately 4.8% of FACT Capital LP's investment portfolio, making the stock its 10th largest position. FACT Capital LP owned about 0.46% of MYR Group worth $10,913,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in MYRG. Barclays PLC raised its holdings in MYR Group by 192.2% in the 3rd quarter. Barclays PLC now owns 34,987 shares of the utilities provider's stock valued at $3,578,000 after acquiring an additional 23,013 shares during the last quarter. MCF Advisors LLC grew its position in shares of MYR Group by 470.0% in the fourth quarter. MCF Advisors LLC now owns 171 shares of the utilities provider's stock valued at $25,000 after purchasing an additional 141 shares in the last quarter. Sheets Smith Wealth Management increased its holdings in shares of MYR Group by 3.4% in the fourth quarter. Sheets Smith Wealth Management now owns 8,789 shares of the utilities provider's stock valued at $1,308,000 after purchasing an additional 290 shares during the last quarter. Fifth Third Bancorp lifted its position in MYR Group by 66.7% during the fourth quarter. Fifth Third Bancorp now owns 4,031 shares of the utilities provider's stock worth $600,000 after buying an additional 1,613 shares in the last quarter. Finally, KBC Group NV boosted its stake in MYR Group by 56.8% during the fourth quarter. KBC Group NV now owns 737 shares of the utilities provider's stock worth $110,000 after buying an additional 267 shares during the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Trading Up 0.2%

MYRG traded up $0.34 on Monday, hitting $157.41. The company had a trading volume of 221,845 shares, compared to its average volume of 221,646. The company's fifty day moving average price is $131.25 and its 200 day moving average price is $139.13. MYR Group Inc. has a 1 year low of $86.60 and a 1 year high of $168.88. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The firm has a market cap of $2.44 billion, a P/E ratio of 68.74 and a beta of 1.06.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.18 by $0.27. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The business had revenue of $833.62 million for the quarter, compared to the consensus estimate of $788.98 million. The business's revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.12 EPS. As a group, equities analysts expect that MYR Group Inc. will post 1.16 earnings per share for the current year.

Analysts Set New Price Targets

MYRG has been the topic of several analyst reports. KeyCorp lifted their price target on MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a report on Friday, May 2nd. Robert W. Baird lifted their target price on shares of MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Stifel Nicolaus dropped their price target on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Piper Sandler raised their price target on shares of MYR Group from $124.00 to $138.00 and gave the stock a "neutral" rating in a report on Monday, May 5th. Finally, Wall Street Zen raised shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $149.40.

About MYR Group

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.