Public Sector Pension Investment Board Increases Position 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 boosted its stake in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 27.3% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 51,145 shares of the utilities provider's stock after purchasing an additional 10,982 shares during the period. Public Sector Pension Investment Board owned approximately 0.33% of MYR Group worth $5,784,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Envestnet Asset Management Inc. raised its holdings in MYR Group by 33.5% in the 4th quarter. Envestnet Asset Management Inc. now owns 19,159 shares of the utilities provider's stock valued at $2,850,000 after acquiring an additional 4,805 shares during the last quarter. Bank of Montreal Can grew its stake in shares of MYR Group by 6.3% in the fourth quarter. Bank of Montreal Can now owns 3,356 shares of the utilities provider's stock worth $499,000 after acquiring an additional 199 shares in the last quarter. First Trust Advisors LP grew its stake in shares of MYR Group by 43.4% in the fourth quarter. First Trust Advisors LP now owns 84,261 shares of the utilities provider's stock worth $12,536,000 after acquiring an additional 25,510 shares in the last quarter. Capital World Investors grew its stake in shares of MYR Group by 90.7% in the fourth quarter. Capital World Investors now owns 140,267 shares of the utilities provider's stock worth $20,868,000 after acquiring an additional 66,719 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky lifted its position in shares of MYR Group by 153.5% during 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 during the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

MYR Group Price Performance

Shares of NASDAQ MYRG traded up $4.4750 on Friday, hitting $187.4950. The company's stock had a trading volume of 49,409 shares, compared to its average volume of 212,767. MYR Group, Inc. has a 12-month low of $86.60 and a 12-month high of $220.01. The company has a market capitalization of $2.91 billion, a price-to-earnings ratio of 39.29 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. The stock has a 50 day moving average of $184.14 and a 200-day moving average of $151.31.

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 (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.14. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The company had revenue of $900.33 million for the quarter, compared to the consensus estimate of $828.20 million. During the same quarter in the prior year, the firm earned ($0.91) earnings per share. The company's revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, research analysts predict that MYR Group, Inc. will post 1.16 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on MYRG. Piper Sandler boosted their price target on shares of MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Robert W. Baird boosted their price target on shares of MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Stifel Nicolaus set a $210.00 price target on shares of MYR Group in a research note on Monday, August 4th. Wall Street Zen upgraded shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Finally, KeyCorp boosted their price target on shares of MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target 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.