TimesSquare Capital Management LLC Boosts Stake in MYR Group, Inc. (NASDAQ:MYRG)

TimesSquare Capital Management LLC lifted its holdings in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 40.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 168,257 shares of the utilities provider's stock after buying an additional 48,324 shares during the quarter. TimesSquare Capital Management LLC owned approximately 1.04% of MYR Group worth $19,028,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Versant Capital Management Inc boosted its holdings in shares of MYR Group by 85.4% during the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock valued at $52,000 after acquiring an additional 210 shares during the last quarter. Quadrant Capital Group LLC boosted its holdings in shares of MYR Group by 52.4% in the fourth quarter. Quadrant Capital Group LLC now owns 666 shares of the utilities provider's stock worth $99,000 after buying an additional 229 shares during the last quarter. CWM LLC boosted its holdings 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 worth $146,000 after buying an additional 826 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in shares of MYR Group by 43.3% in the first quarter. DekaBank Deutsche Girozentrale now owns 1,622 shares of the utilities provider's stock worth $186,000 after buying an additional 490 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of MYR Group by 234.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,337 shares of the utilities provider's stock worth $199,000 after buying an additional 937 shares during the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Stock Performance

Shares of MYRG stock traded down $1.87 during trading hours on Tuesday, hitting $185.18. The company's stock had a trading volume of 183,825 shares, compared to its average volume of 225,452. The company has a 50 day moving average of $167.82 and a 200 day moving average of $142.89. The stock has a market cap of $2.87 billion, a PE ratio of 84.94 and a beta of 1.19. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.15. MYR Group, Inc. has a 12-month low of $86.60 and a 12-month high of $190.81.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.45 EPS for the quarter, beating the consensus estimate of $1.18 by $0.27. The company had revenue of $833.62 million for the quarter, compared to analyst estimates of $788.98 million. MYR Group had a net margin of 1.02% and a return on equity of 5.84%. The firm's revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the business earned $1.12 earnings per share. On average, sell-side analysts forecast that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on MYRG shares. Wall Street Zen upgraded shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Stifel Nicolaus boosted their price objective on shares of MYR Group from $174.00 to $204.00 and gave the company a "buy" rating in a research report on Friday. The Goldman Sachs Group cut shares of MYR Group from a "buy" rating to a "neutral" rating and upped their price target for the stock from $145.00 to $168.00 in a report on Friday, June 6th. Piper Sandler upped their price target on shares of MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. Finally, Robert W. Baird upped their price target on shares of MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $171.60.

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.