Nomura Holdings Inc. Makes New Investment in MYR Group, Inc. $MYRG

Key Points

• Nomura Holdings Inc. invested approximately $338,000 in MYR Group, acquiring 2,987 shares of the utilities provider's stock in the first quarter of 2023.
• Several analysts have set new price targets for MYR Group, with projections ranging from $153.00 to $211.00, indicating a consensus rating of "Moderate Buy."
• MYR Group reported a quarterly earnings per share of $1.70, surpassing analysts' expectations, and recorded revenue of $900.33 million, reflecting an 8.6% increase year-over-year.

Nomura Holdings Inc. bought a new stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 2,987 shares of the utilities provider's stock, valued at approximately $338,000.

A number of other large investors also recently made changes to their positions in MYRG. Price T Rowe Associates Inc. MD increased its holdings in shares of MYR Group by 8.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,716 shares of the utilities provider's stock valued at $1,743,000 after purchasing an additional 929 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of MYR Group by 3.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 8,568 shares of the utilities provider's stock valued at $1,275,000 after purchasing an additional 313 shares during the period. Northern Trust Corp increased its holdings in shares of MYR Group by 1.9% in the 4th quarter. Northern Trust Corp now owns 183,156 shares of the utilities provider's stock valued at $27,248,000 after purchasing an additional 3,422 shares during the period. Jane Street Group LLC increased its holdings in shares of MYR Group by 43.0% in the 4th quarter. Jane Street Group LLC now owns 30,070 shares of the utilities provider's stock valued at $4,474,000 after purchasing an additional 9,041 shares during the period. Finally, Ameriprise Financial Inc. increased its holdings in shares of MYR Group by 18.3% in the 4th quarter. Ameriprise Financial Inc. now owns 263,530 shares of the utilities provider's stock valued at $39,205,000 after purchasing an additional 40,827 shares during the period. Institutional investors and hedge funds own 88.90% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MYRG. Jefferies Financial Group assumed coverage on MYR Group in a report on Friday, August 15th. They issued a "hold" rating and a $202.00 target price on the stock. Piper Sandler boosted their price target on MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a research note on Tuesday, May 27th. The Goldman Sachs Group boosted their price target on MYR Group from $168.00 to $205.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Finally, KeyCorp boosted their price target on MYR Group from $205.00 to $211.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, MYR Group presently has an average rating of "Moderate Buy" and a consensus target price of $191.83.

MYR Group Stock Up 0.5%

Shares of NASDAQ MYRG traded up $0.91 during trading hours on Thursday, hitting $179.17. The stock had a trading volume of 134,986 shares, compared to its average volume of 174,819. The company has a market capitalization of $2.78 billion, a P/E ratio of 37.41 and a beta of 1.18. The firm's 50-day moving average price is $186.64 and its two-hundred day moving average price is $156.21. MYR Group, Inc. has a 52 week low of $93.93 and a 52 week high of $220.01. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.33 and a current ratio of 1.33.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its 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 firm had revenue of $900.33 million during the quarter, compared to analysts' expectations of $828.20 million. MYR Group had a return on equity of 13.16% and a net margin of 2.21%.The company's revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.91) earnings per share. Analysts anticipate that MYR Group, Inc. will post 1.16 EPS for the current fiscal 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.