Neumeier Poma Investment Counsel LLC Raises Holdings 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 boosted its stake in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 1.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 117,351 shares of the utilities provider's stock after acquiring an additional 1,990 shares during the quarter. Neumeier Poma Investment Counsel LLC owned 0.76% of MYR Group worth $13,271,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Captrust Financial Advisors lifted its holdings in MYR Group by 0.9% in the 4th quarter. Captrust Financial Advisors now owns 8,519 shares of the utilities provider's stock worth $1,267,000 after buying an additional 75 shares during the period. ANTIPODES PARTNERS Ltd lifted its holdings in MYR Group by 16.3% in the 1st quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider's stock worth $81,000 after buying an additional 101 shares during the period. US Bancorp DE lifted its holdings in MYR Group by 2.4% in the 1st quarter. US Bancorp DE now owns 6,261 shares of the utilities provider's stock worth $708,000 after buying an additional 144 shares during the period. Bank of Montreal Can lifted its holdings in MYR Group by 6.3% in the 4th quarter. Bank of Montreal Can now owns 3,356 shares of the utilities provider's stock worth $499,000 after buying an additional 199 shares during the period. Finally, Versant Capital Management Inc lifted its holdings in MYR Group by 85.4% in the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock worth $52,000 after buying an additional 210 shares during the period. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

MYR Group Stock Down 0.9%

MYR Group stock opened at $185.71 on Thursday. The firm has a market cap of $2.88 billion, a price-to-earnings ratio of 38.77 and a beta of 1.17. The stock has a fifty day simple moving average of $179.36 and a two-hundred day simple moving average of $148.48. MYR Group, Inc. has a 12 month low of $86.60 and a 12 month high of $220.01. 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 (NASDAQ:MYRG - Get Free Report) last posted its earnings results on Wednesday, July 30th. The utilities provider reported $1.70 EPS for the quarter, topping analysts' consensus estimates of $1.56 by $0.14. The business had revenue of $900.33 million during the quarter, compared to analyst estimates of $828.20 million. MYR Group had a return on equity of 13.16% and a net margin of 2.21%. The company's quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.91) EPS. Equities analysts predict that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently commented on MYRG shares. The Goldman Sachs Group cut MYR Group from a "buy" rating to a "neutral" rating and raised their target price for the company from $145.00 to $168.00 in a research note on Friday, June 6th. Stifel Nicolaus set a $210.00 target price on MYR Group in a research note on Monday. Piper Sandler raised their target price on MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a research note on Tuesday, May 27th. KeyCorp raised their target price on MYR Group from $205.00 to $211.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Finally, Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $182.40.

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.

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