Next Century Growth Investors LLC Raises Position 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 lifted its position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 1.9% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 154,510 shares of the utilities provider's stock after buying an additional 2,900 shares during the quarter. MYR Group makes up 1.6% of Next Century Growth Investors LLC's holdings, making the stock its 19th largest holding. Next Century Growth Investors LLC owned 1.00% of MYR Group worth $17,474,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Millennium Management LLC lifted its stake in shares of MYR Group by 38.4% during the 4th quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider's stock valued at $68,706,000 after buying an additional 128,159 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of MYR Group by 11.7% during the 1st quarter. Wellington Management Group LLP now owns 452,213 shares of the utilities provider's stock valued at $51,141,000 after buying an additional 47,445 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in shares of MYR Group by 16.9% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 276,136 shares of the utilities provider's stock valued at $41,081,000 after buying an additional 39,954 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in shares of MYR Group by 18.3% during the 4th quarter. Ameriprise Financial Inc. now owns 263,530 shares of the utilities provider's stock valued at $39,205,000 after buying an additional 40,827 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake 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. Hedge funds and other institutional investors own 88.90% of the company's stock.

MYR Group Price Performance

MYR Group stock opened at $186.90 on Thursday. The stock has a market cap of $2.90 billion, a price-to-earnings ratio of 39.02 and a beta of 1.17. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.33 and a quick ratio of 1.33. MYR Group, Inc. has a 1 year low of $86.60 and a 1 year high of $220.01. The firm has a 50-day moving average of $185.81 and a two-hundred day moving average of $152.45.

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, beating 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 analysts' expectations of $828.20 million. During the same period in the previous year, the company earned ($0.91) EPS. The firm's quarterly revenue was up 8.6% on a year-over-year basis. On average, research analysts forecast that MYR Group, Inc. will post 1.16 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MYRG. KeyCorp boosted their target price on shares of MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Wall Street Zen raised shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Robert W. Baird lifted their price target on shares of MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Stifel Nicolaus set a $210.00 price target on shares of MYR Group in a research note on Monday, August 4th. Finally, Jefferies Financial Group initiated coverage on shares of MYR Group in a research note on Friday, August 15th. They set a "hold" rating and a $202.00 price target for the company. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $191.83.

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.

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