PDT Partners LLC Buys 9,661 Shares of 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 increased its stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 36.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 36,041 shares of the utilities provider's stock after purchasing an additional 9,661 shares during the quarter. PDT Partners LLC owned approximately 0.23% of MYR Group worth $4,076,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Captrust Financial Advisors increased its position in MYR Group by 0.9% during the fourth quarter. Captrust Financial Advisors now owns 8,519 shares of the utilities provider's stock worth $1,267,000 after acquiring an additional 75 shares during the period. ANTIPODES PARTNERS Ltd increased its position in MYR Group by 16.3% during the first 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 period. Baird Financial Group Inc. raised its stake in shares of MYR Group by 3.8% in the first quarter. Baird Financial Group Inc. now owns 2,974 shares of the utilities provider's stock valued at $336,000 after purchasing an additional 108 shares in the last quarter. US Bancorp DE raised its stake in shares of MYR Group by 2.4% in the first quarter. US Bancorp DE now owns 6,261 shares of the utilities provider's stock valued at $708,000 after purchasing an additional 144 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its stake in shares of MYR Group by 92.7% in the first quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider's stock valued at $39,000 after purchasing an additional 165 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. The Goldman Sachs Group lifted their price objective on MYR Group from $168.00 to $205.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Piper Sandler lifted their price objective on MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. Stifel Nicolaus set a $210.00 price objective on MYR Group in a research note on Monday, August 4th. Wall Street Zen upgraded MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Finally, KeyCorp increased their price objective on MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $191.83.

MYR Group Stock Down 2.5%

Shares of NASDAQ MYRG traded down $4.61 during mid-day trading on Friday, reaching $179.88. 126,818 shares of the company's stock were exchanged, compared to its average volume of 211,414. The firm has a market capitalization 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. The business has a fifty day simple moving average of $187.17 and a 200 day simple moving average of $154.44. MYR Group, Inc. has a twelve month low of $86.60 and a twelve month high of $220.01.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly 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. The company had revenue of $900.33 million for the quarter, compared to analyst estimates of $828.20 million. MYR Group had a return on equity of 13.16% and a net margin of 2.21%.MYR Group's revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.91) earnings per share. As a group, equities analysts expect 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.