Next Century Growth Investors LLC Grows Holdings in MYR Group, Inc. $MYRG

Key Points

• Next Century Growth Investors LLC has increased its stake in MYR Group, Inc. by 1.9%, now holding 154,510 shares valued at approximately $17.47 million.
• MYR Group's quarterly earnings beat estimates, reporting $1.70 earnings per share on revenue of $900.33 million, exceeding analyst expectations.
• Several institutional investors have significantly increased their holdings in MYR Group, with Millennium Management LLC boosting its stake by 38.4% during the fourth quarter.

Next Century Growth Investors LLC boosted its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 1.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 154,510 shares of the utilities provider's stock after acquiring an additional 2,900 shares during the period. MYR Group comprises 1.6% of Next Century Growth Investors LLC's portfolio, making the stock its 19th largest holding. Next Century Growth Investors LLC owned approximately 1.00% of MYR Group worth $17,474,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. SG Americas Securities LLC acquired a new position in shares of MYR Group in the first quarter valued at approximately $440,000. Teacher Retirement System of Texas acquired a new position in shares of MYR Group in the first quarter valued at approximately $267,000. GAMMA Investing LLC raised its position in shares of MYR Group by 12,329.7% in the first quarter. GAMMA Investing LLC now owns 68,985 shares of the utilities provider's stock valued at $7,802,000 after buying an additional 68,430 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of MYR Group in the first quarter valued at approximately $1,922,000. Finally, Nuveen LLC acquired a new position in shares of MYR Group in the first quarter valued at approximately $18,511,000. Institutional investors and hedge funds own 88.90% of the company's stock.

Wall Street Analyst Weigh In

MYRG has been the subject of a number of analyst reports. Stifel Nicolaus set a $210.00 price objective on shares of MYR Group in a research report on Monday, August 4th. Jefferies Financial Group began coverage on shares of MYR Group in a research report on Friday, August 15th. They set a "hold" rating and a $202.00 price target for the company. Piper Sandler lifted 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. Wall Street Zen upgraded MYR Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. Finally, KeyCorp increased their target price on MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $191.83.

MYR Group Trading Down 3.7%

Shares of MYR Group stock traded down $6.90 during trading hours on Tuesday, hitting $180.37. The company's stock had a trading volume of 43,854 shares, compared to its average volume of 212,323. MYR Group, Inc. has a 1-year low of $86.60 and a 1-year high of $220.01. The business has a fifty day moving average of $186.92 and a 200 day moving average of $153.70. The company has a market capitalization of $2.80 billion, a PE ratio of 37.66 and a beta of 1.19. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.14. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The company had revenue of $900.33 million during the quarter, compared to analyst estimates of $828.20 million. During the same quarter in the prior year, the business earned ($0.91) earnings per share. The business's quarterly revenue was up 8.6% compared to the same quarter last year. As a group, equities analysts forecast that MYR Group, Inc. will post 1.16 EPS 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.