Quantbot Technologies LP Buys New Stake in MYR Group, Inc. $MYRG

Key Points

• Quantbot Technologies LP has acquired a new stake in MYR Group, Inc. valued at approximately $385,000, marking a significant addition to their portfolio.
• Several hedge funds have increased their holdings in MYR Group, with institutional investors owning 88.90% of the company's stock.
• MYR Group recently reported strong quarterly earnings with an EPS of $1.70, exceeding analyst estimates and reflecting a year-over-year revenue increase of 8.6%.

Quantbot Technologies LP bought a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,401 shares of the utilities provider's stock, valued at approximately $385,000.

Other hedge funds have also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd raised its position in shares of MYR Group by 92.7% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider's stock valued at $39,000 after buying an additional 165 shares in the last quarter. Versant Capital Management Inc grew its holdings in MYR Group by 85.4% during the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock valued at $52,000 after purchasing an additional 210 shares during the last quarter. ANTIPODES PARTNERS Ltd grew its holdings in MYR Group by 16.3% during the 1st quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider's stock valued at $81,000 after purchasing an additional 101 shares during the last quarter. CWM LLC grew its holdings in MYR Group by 176.9% during the 1st quarter. CWM LLC now owns 1,293 shares of the utilities provider's stock valued at $146,000 after purchasing an additional 826 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale grew its holdings in MYR Group by 43.3% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 1,622 shares of the utilities provider's stock valued at $186,000 after purchasing an additional 490 shares during the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MYRG. 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. 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. Jefferies Financial Group began coverage on shares of MYR Group in a report on Friday, August 15th. They set a "hold" rating and a $202.00 price target on the stock. Wall Street Zen upgraded shares of MYR Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. Finally, KeyCorp upped their price target on shares of MYR Group from $205.00 to $211.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, MYR Group has an average rating of "Moderate Buy" and a consensus target price of $191.83.

MYR Group Trading Down 2.2%

MYRG stock traded down $4.26 during mid-day trading on Friday, reaching $187.27. The company had a trading volume of 247,404 shares, compared to its average volume of 200,245. 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 capitalization of $2.91 billion, a PE ratio of 39.10 and a beta of 1.17. The firm has a 50 day moving average of $186.64 and a 200 day moving average of $153.08. MYR Group, Inc. has a 12 month low of $86.60 and a 12 month 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, topping 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 firm had revenue of $900.33 million during the quarter, compared to analysts' expectations of $828.20 million. During the same quarter in the prior year, the company earned ($0.91) EPS. The company's revenue was up 8.6% compared to the same quarter last year. On average, equities analysts predict that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

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.