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

A number of other large investors have also recently made changes to their positions in the stock. Captrust Financial Advisors grew its holdings in shares of MYR Group by 0.9% during the fourth quarter. Captrust Financial Advisors now owns 8,519 shares of the utilities provider's stock valued at $1,267,000 after buying an additional 75 shares during the last quarter. ANTIPODES PARTNERS Ltd grew its holdings in shares of MYR Group by 16.3% during the first quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider's stock valued at $81,000 after buying an additional 101 shares during the last quarter. US Bancorp DE grew its holdings in shares of MYR Group by 2.4% during the first quarter. US Bancorp DE now owns 6,261 shares of the utilities provider's stock valued at $708,000 after buying an additional 144 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in shares of MYR Group by 92.7% during the first 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 during the last quarter. Finally, Versant Capital Management Inc grew its holdings in shares of MYR Group by 85.4% during the first quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock valued at $52,000 after buying an additional 210 shares during the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on MYRG shares. Piper Sandler boosted their price objective 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. KeyCorp raised 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. Stifel Nicolaus set a $210.00 target price on shares of MYR Group in a report on Monday, August 4th. Wall Street Zen raised shares of MYR Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. Finally, The Goldman Sachs Group raised their target price on shares of MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $191.83.

MYR Group Stock Performance

NASDAQ MYRG traded down $4.26 during mid-day trading on Monday, reaching $187.27. 247,404 shares of the stock were exchanged, compared to its average volume of 198,780. The company has a market capitalization of $2.91 billion, a P/E ratio of 39.10 and a beta of 1.19. The business's 50 day moving average is $186.92 and its 200-day moving average is $153.70. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.33 and a current ratio of 1.33. MYR Group, Inc. has a 1 year low of $86.60 and a 1 year high of $220.01.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $1.70 EPS for the quarter, topping the consensus estimate of $1.56 by $0.14. The company had revenue of $900.33 million during the quarter, compared to analyst estimates of $828.20 million. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The firm's revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.91) EPS. On average, equities research analysts forecast 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.