Nuveen LLC Takes $18.51 Million Position in MYR Group, Inc. $MYRG

Key Points

• Nuveen LLC has made a new investment in MYR Group, acquiring 163,683 shares valued at approximately $18.51 million, representing about 1.05% of the company's stock.
• Wall Street analysts have raised their price targets for MYR Group, with new objectives set between $170.00 and $211.00, reflecting a positive outlook on the company's growth.
• MYR Group recently reported an earnings per share (EPS) of $1.70, exceeding consensus estimates, with a revenue of $900.33 million, indicating an 8.6% increase year-over-year.

Nuveen LLC purchased a new stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 163,683 shares of the utilities provider's stock, valued at approximately $18,511,000. Nuveen LLC owned approximately 1.05% of MYR Group at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. SG Americas Securities LLC purchased a new stake in shares of MYR Group in the first quarter valued at approximately $440,000. Teacher Retirement System of Texas purchased a new stake in shares of MYR Group in the first quarter valued at approximately $267,000. GAMMA Investing LLC boosted its stake 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 in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of MYR Group in the first quarter valued at approximately $1,922,000. Finally, J. Safra Sarasin Holding AG purchased a new stake in shares of MYR Group in the first quarter valued at approximately $2,011,000. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

MYR Group Price Performance

MYRG traded down $0.38 during trading on Monday, reaching $185.20. 134,941 shares of the stock were exchanged, compared to its average volume of 214,733. The business's 50 day moving average price is $185.01 and its two-hundred day moving average price is $151.96. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.33 and a quick ratio of 1.33. The company has a market capitalization of $2.87 billion, a price-to-earnings ratio of 38.66 and a beta of 1.17. MYR Group, Inc. has a 1 year low of $86.60 and a 1 year high of $220.01.

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. MYR Group had a return on equity of 13.16% and a net margin of 2.21%.The company had revenue of $900.33 million for the quarter, compared to the consensus estimate of $828.20 million. During the same period in the previous year, the business earned ($0.91) earnings per share. MYR Group's quarterly revenue was up 8.6% compared to the same quarter last year. As a group, equities research analysts anticipate that MYR Group, Inc. will post 1.16 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on MYRG shares. The Goldman Sachs Group lifted 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. KeyCorp lifted 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. Stifel Nicolaus set a $210.00 price target on MYR Group in a research note on Monday, August 4th. Piper Sandler boosted their target price on MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 27th. Finally, Robert W. Baird boosted their target price on MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target 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.