Peregrine Capital Management LLC Acquires 2,309 Shares of MYR Group, Inc. (NASDAQ:MYRG)

Peregrine Capital Management LLC boosted its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 3.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 68,531 shares of the utilities provider's stock after acquiring an additional 2,309 shares during the period. Peregrine Capital Management LLC owned 0.42% of MYR Group worth $7,750,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of MYRG. Smartleaf Asset Management LLC lifted its holdings in shares of MYR Group by 697.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider's stock valued at $49,000 after purchasing an additional 286 shares during the last quarter. Versant Capital Management Inc increased its position in 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 buying an additional 210 shares in the last quarter. ANTIPODES PARTNERS Ltd boosted its holdings in MYR Group by 13.2% in the fourth quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider's stock worth $92,000 after acquiring an additional 72 shares in the last quarter. Quadrant Capital Group LLC boosted its holdings in 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 acquiring an additional 229 shares in the last quarter. Finally, Morgan Dempsey Capital Management LLC grew its stake in shares of MYR Group by 17.5% in the fourth quarter. Morgan Dempsey Capital Management LLC now owns 1,317 shares of the utilities provider's stock worth $196,000 after acquiring an additional 196 shares during the last quarter. Institutional investors own 88.90% of the company's stock.

Analyst Ratings Changes

MYRG has been the topic of a number of analyst reports. 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 research note on Tuesday, May 27th. 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 report on Thursday, May 1st. KeyCorp increased their price target on shares of MYR Group from $136.00 to $163.00 and gave the company an "overweight" rating in a report on Friday, May 2nd. The Goldman Sachs Group lowered shares of MYR Group from a "buy" rating to a "neutral" rating and boosted their price objective for the stock from $145.00 to $168.00 in a report on Friday, June 6th. Finally, Wall Street Zen upgraded MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, MYR Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $157.00.

MYR Group Stock Performance

MYR Group stock traded up $5.47 during midday trading on Thursday, reaching $188.75. 201,476 shares of the company traded hands, compared to its average volume of 226,030. MYR Group, Inc. has a 12 month low of $86.60 and a 12 month high of $190.68. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.31 and a quick ratio of 1.31. The business has a 50 day moving average of $160.21 and a two-hundred day moving average of $141.63. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of 86.58 and a beta of 1.19.

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 for the quarter, beating the consensus estimate of $1.18 by $0.27. MYR Group had a return on equity of 5.84% and a net margin of 1.02%. The firm had revenue of $833.62 million for the quarter, compared to analysts' expectations of $788.98 million. During the same period in the prior year, the firm earned $1.12 EPS. The company's revenue was up 2.2% compared to the same quarter last year. As a group, research analysts predict that MYR Group, Inc. will post 1.16 earnings per share for the current year.

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.