Public Sector Pension Investment Board Has $5.78 Million Stock Holdings in MYR Group, Inc. $MYRG

Key Points

• The Public Sector Pension Investment Board has increased its stake in MYR Group, Inc. by 27.3%, acquiring an additional 10,982 shares, bringing its total ownership to approximately 51,145 shares valued at $5.78 million.
• Wall Street analysts have generally positive projections for MYR Group, with several firms raising their target prices, resulting in a consensus target price of $191.83 and a consensus rating of "Moderate Buy."
• MYR Group reported earnings of $1.70 per share for the latest quarter, exceeding expectations, with revenue climbing to $900.33 million, a significant increase of 8.6% compared to the same period last year.

Public Sector Pension Investment Board grew its stake in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 27.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 51,145 shares of the utilities provider's stock after buying an additional 10,982 shares during the quarter. Public Sector Pension Investment Board owned about 0.33% of MYR Group worth $5,784,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MYRG. Envestnet Asset Management Inc. raised its position in shares of MYR Group by 33.5% during the 4th quarter. Envestnet Asset Management Inc. now owns 19,159 shares of the utilities provider's stock worth $2,850,000 after buying an additional 4,805 shares in the last quarter. Bank of Montreal Can raised its holdings in shares of MYR Group by 6.3% in the 4th quarter. Bank of Montreal Can now owns 3,356 shares of the utilities provider's stock worth $499,000 after purchasing an additional 199 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of MYR Group by 43.4% in the 4th quarter. First Trust Advisors LP now owns 84,261 shares of the utilities provider's stock worth $12,536,000 after purchasing an additional 25,510 shares in the last quarter. Capital World Investors raised its holdings in shares of MYR Group by 90.7% in the 4th quarter. Capital World Investors now owns 140,267 shares of the utilities provider's stock worth $20,868,000 after purchasing an additional 66,719 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky raised its holdings in shares of MYR Group by 153.5% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 13,687 shares of the utilities provider's stock worth $2,036,000 after purchasing an additional 8,287 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MYRG has been the topic of a number of research reports. Wall Street Zen upgraded shares of MYR Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. Jefferies Financial Group initiated coverage on shares of MYR Group in a report on Friday, August 15th. They issued a "hold" rating and a $202.00 target price on the stock. Stifel Nicolaus set a $210.00 target price on shares of MYR Group in a report on Monday, August 4th. KeyCorp boosted their target price on shares of MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, Robert W. Baird boosted their target price on shares of MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $191.83.

MYR Group Stock Up 0.3%

MYRG traded up $0.5680 on Thursday, reaching $182.0380. 33,080 shares of the company traded hands, compared to its average volume of 213,553. The stock's 50 day moving average price is $183.79 and its 200-day moving average price is $151.02. MYR Group, Inc. has a 52-week low of $86.60 and a 52-week high of $220.01. The company has a market cap of $2.83 billion, a price-to-earnings ratio of 37.91 and a beta of 1.17. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.33 and a quick ratio of 1.33.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $1.70 EPS for the quarter, beating analysts' consensus estimates of $1.56 by $0.14. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The firm 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 firm posted ($0.91) earnings per share. The firm's revenue was up 8.6% on a year-over-year basis. On average, sell-side analysts expect that MYR Group, Inc. will post 1.16 EPS for the current fiscal 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.