Nuveen LLC Invests $18.51 Million 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 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. 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 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MYRG. Wellington Management Group LLP purchased a new position in MYR Group during the fourth quarter valued at $60,217,000. T. Rowe Price Investment Management Inc. raised its position in MYR Group by 42.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider's stock worth $79,942,000 after buying an additional 159,302 shares during the last quarter. Millennium Management LLC raised its position in MYR Group by 38.4% in the 4th quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider's stock worth $68,706,000 after buying an additional 128,159 shares during the last quarter. Voya Investment Management LLC increased its position in shares of MYR Group by 185.0% during the 4th quarter. Voya Investment Management LLC now owns 165,447 shares of the utilities provider's stock valued at $24,614,000 after purchasing an additional 107,403 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in shares of MYR Group by 12,329.7% during the 1st quarter. GAMMA Investing LLC now owns 68,985 shares of the utilities provider's stock valued at $7,802,000 after purchasing an additional 68,430 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

MYR Group Stock Performance

MYRG stock traded up $0.87 during trading on Monday, hitting $186.45. 9,946 shares of the company traded hands, compared to its average volume of 212,827. The stock's 50-day simple moving average is $184.59 and its 200 day simple moving average is $151.70. 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 cap of $2.89 billion, a PE ratio of 39.03 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 announced its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $828.20 million. During the same period last year, the business earned ($0.91) earnings per share. MYR Group's quarterly revenue was up 8.6% on a year-over-year basis. On average, equities analysts expect that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on MYRG. Jefferies Financial Group began coverage on MYR Group in a research note on Friday, August 15th. They set a "hold" rating and a $202.00 price objective for the company. Piper Sandler upped their price target on MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. KeyCorp increased their price target on MYR Group from $205.00 to $211.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Robert W. Baird increased their target price on MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Finally, Stifel Nicolaus set a $210.00 target price on MYR Group in a research note on Monday, August 4th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $191.83.

About MYR Group

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.