PDT Partners LLC Increases Stake in MYR Group, Inc. $MYRG

Key Points

• PDT Partners LLC increased its stake in MYR Group, Inc. by 36.6%, acquiring an additional 9,661 shares, bringing its total ownership to 36,041 shares valued at approximately $4.08 million.
• Several institutional investors have also raised their positions in MYR Group, with 88.90% of the company's stock owned by such investors.
• MYR Group reported better-than-expected quarterly earnings, with $1.70 EPS against a consensus estimate of $1.56, along with revenue of $900.33 million, surpassing expectations.

PDT Partners LLC boosted its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 36.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 36,041 shares of the utilities provider's stock after buying an additional 9,661 shares during the period. PDT Partners LLC owned approximately 0.23% of MYR Group worth $4,076,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in MYRG. Quarry LP increased its holdings in MYR Group by 190.4% during the first quarter. Quarry LP now owns 273 shares of the utilities provider's stock worth $31,000 after buying an additional 179 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its stake in MYR Group by 92.7% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider's stock worth $39,000 after buying an additional 165 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of MYR Group by 85.4% in the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock worth $52,000 after acquiring an additional 210 shares during the last quarter. ANTIPODES PARTNERS Ltd lifted its holdings in shares of MYR Group by 16.3% in the 1st quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider's stock worth $81,000 after acquiring an additional 101 shares during the last quarter. Finally, CWM LLC lifted its holdings in shares of MYR Group by 176.9% in the 1st quarter. CWM LLC now owns 1,293 shares of the utilities provider's stock worth $146,000 after acquiring an additional 826 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on MYRG shares. Wall Street Zen upgraded shares of MYR Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. The Goldman Sachs Group upped their price target on shares of MYR Group from $168.00 to $205.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Piper Sandler upped 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. Jefferies Financial Group initiated coverage on shares of MYR Group in a report on Friday, August 15th. They set a "hold" rating and a $202.00 price target for the company. Finally, Stifel Nicolaus set a $210.00 price target on shares of MYR Group in a report 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's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $191.83.

MYR Group Trading Down 2.5%

NASDAQ MYRG traded down $4.61 during trading on Friday, hitting $179.88. The company had a trading volume of 126,818 shares, compared to its average volume of 180,465. The company's fifty day moving average is $187.12 and its 200-day moving average is $154.77. The company has a market cap of $2.79 billion, a price-to-earnings ratio of 37.55 and a beta of 1.18. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.14. MYR Group, Inc. has a one year low of $86.60 and a one year high of $220.01.

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

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.