Neumeier Poma Investment Counsel LLC Increases Position in MYR Group, Inc. (NASDAQ:MYRG)

Key Points

• Neumeier Poma Investment Counsel LLC increased its ownership in MYR Group, Inc. by 1.7% in Q1 2024, holding 117,351 shares valued at $13.27 million.
• MYR Group's stock recently reported a quarterly EPS of $1.70, beating expectations, along with a revenue of $900.33 million, exceeding analyst forecasts.
• Analysts have given MYR Group a consensus rating of "Moderate Buy" with an average target price of $182.40.

Neumeier Poma Investment Counsel LLC raised its stake in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 1.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 117,351 shares of the utilities provider's stock after purchasing an additional 1,990 shares during the quarter. Neumeier Poma Investment Counsel LLC owned approximately 0.76% of MYR Group worth $13,271,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. boosted its holdings in shares of MYR Group by 4.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 252,172 shares of the utilities provider's stock valued at $28,518,000 after buying an additional 9,971 shares in the last quarter. Corbyn Investment Management Inc. MD boosted its holdings in shares of MYR Group by 0.6% during the 1st quarter. Corbyn Investment Management Inc. MD now owns 82,571 shares of the utilities provider's stock valued at $9,338,000 after buying an additional 487 shares in the last quarter. J. Safra Sarasin Holding AG bought a new stake in shares of MYR Group during the 1st quarter valued at $2,011,000. US Bancorp DE boosted its holdings in shares of MYR Group by 2.4% during the 1st quarter. US Bancorp DE now owns 6,261 shares of the utilities provider's stock valued at $708,000 after buying an additional 144 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in shares of MYR Group during the 1st quarter valued at $517,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MYRG has been the topic of several recent analyst reports. Wall Street Zen raised shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Stifel Nicolaus set a $210.00 price target on shares of MYR Group in a report on Monday, August 4th. The Goldman Sachs Group raised their price target on shares of MYR Group from $168.00 to $205.00 and gave the company a "neutral" rating in a report on Thursday. Piper Sandler raised their price target on shares of MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. Finally, KeyCorp raised their price target on shares of MYR Group from $205.00 to $211.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $189.80.

MYR Group Stock Down 1.0%

Shares of MYRG stock traded down $1.89 during trading hours on Monday, reaching $183.17. 49,249 shares of the company's stock were exchanged, compared to its average volume of 213,252. The stock's 50 day moving average is $180.45 and its 200-day moving average is $148.86. The company has a market cap of $2.84 billion, a price-to-earnings ratio of 38.08 and a beta of 1.17. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.14. MYR Group, Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $220.01.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.56 by $0.14. The business had revenue of $900.33 million for the quarter, compared to the consensus estimate of $828.20 million. MYR Group had a return on equity of 13.16% and a net margin of 2.21%. The business's quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.91) earnings per share. Analysts predict that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

MYR Group 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.