TimesSquare Capital Management LLC Purchases 48,324 Shares of MYR Group, Inc. (NASDAQ:MYRG)

TimesSquare Capital Management LLC boosted its position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 40.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 168,257 shares of the utilities provider's stock after acquiring an additional 48,324 shares during the period. TimesSquare Capital Management LLC owned approximately 1.04% of MYR Group worth $19,028,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MYRG. Victory Capital Management Inc. grew its stake in shares of MYR Group by 2.4% in the 4th quarter. Victory Capital Management Inc. now owns 18,128 shares of the utilities provider's stock valued at $2,697,000 after purchasing an additional 424 shares during the period. Proficio Capital Partners LLC bought a new stake in shares of MYR Group in the 4th quarter valued at approximately $1,881,000. Amundi grew its stake in shares of MYR Group by 179.3% in the 4th quarter. Amundi now owns 8,146 shares of the utilities provider's stock valued at $1,186,000 after purchasing an additional 5,229 shares during the period. Avantax Advisory Services Inc. bought a new stake in shares of MYR Group in the 4th quarter valued at approximately $215,000. Finally, Vestcor Inc bought a new stake in shares of MYR Group in the 4th quarter valued at approximately $299,000. 88.90% of the stock is currently owned by institutional investors.

MYR Group Trading Down 0.2%

Shares of MYR Group stock traded down $0.44 on Friday, hitting $191.59. 49,289 shares of the company's stock traded hands, compared to its average volume of 224,484. The firm's 50-day moving average price is $170.57 and its two-hundred day moving average price is $144.06. The stock has a market capitalization of $2.97 billion, a PE ratio of 88.00 and a beta of 1.19. MYR Group, Inc. has a one year low of $86.60 and a one year high of $194.95. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.31 and a quick ratio of 1.31.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its 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 during the quarter, compared to analysts' expectations of $788.98 million. MYR Group had a net margin of 1.02% and a return on equity of 5.84%. The business's revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.12 EPS. On average, research analysts expect that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on MYRG. Stifel Nicolaus upped their price objective on MYR Group from $174.00 to $204.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. Robert W. Baird boosted 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. KeyCorp boosted their target price on MYR Group from $172.00 to $205.00 and gave the stock an "overweight" rating in a report on Wednesday. Finally, Piper Sandler boosted 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. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $180.00.

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.