Russell Investments Group Ltd. Has $7.01 Million Holdings in MYR Group, Inc. $MYRG

Key Points

• Russell Investments Group Ltd. reduced its stake in MYR Group, Inc. by 15.9%, now holding 61,989 shares valued at approximately $7.01 million.
• Following their recent earnings report, MYR Group exceeded analyst expectations with $1.70 earnings per share and revenue of $900.33 million, marking an 8.6% increase year-over-year.
• Institutional investors own nearly 89% of MYR Group's stock, indicating strong confidence among hedge funds, as multiple funds have either increased or initiated positions in the company recently.

Russell Investments Group Ltd. decreased its position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 15.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,989 shares of the utilities provider's stock after selling 11,694 shares during the period. Russell Investments Group Ltd. owned 0.40% of MYR Group worth $7,010,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new position in shares of MYR Group during the 1st quarter valued at $440,000. Teacher Retirement System of Texas bought a new position in MYR Group during the first quarter valued at about $267,000. GAMMA Investing LLC boosted its stake in MYR Group by 12,329.7% during the first quarter. GAMMA Investing LLC now owns 68,985 shares of the utilities provider's stock valued at $7,802,000 after buying an additional 68,430 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in MYR Group during the first quarter worth about $1,922,000. Finally, Nuveen LLC bought a new stake in MYR Group in the first quarter worth about $18,511,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

MYR Group Stock Down 0.2%

Shares of NASDAQ MYRG traded down $0.38 during mid-day trading on Monday, reaching $185.20. The company had a trading volume of 134,941 shares, compared to its average volume of 214,733. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.33 and a current ratio of 1.33. The company has a market capitalization of $2.87 billion, a price-to-earnings ratio of 38.66 and a beta of 1.17. The stock has a fifty day moving average of $185.01 and a two-hundred day moving average of $151.96. 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 released its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share 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 firm had revenue of $900.33 million for the quarter, compared to analyst estimates of $828.20 million. During the same quarter in the prior year, the business earned ($0.91) EPS. The company's revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, equities research analysts expect that MYR Group, Inc. will post 1.16 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MYRG. Robert W. Baird raised their price objective on shares of MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Stifel Nicolaus set a $210.00 target price on shares of MYR Group in a research note on Monday, August 4th. Piper Sandler lifted their price target on shares of MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 27th. Jefferies Financial Group initiated coverage on MYR Group in a report on Friday, August 15th. They issued a "hold" rating and a $202.00 price target on the stock. Finally, Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, MYR Group presently has an average rating of "Moderate Buy" and a consensus price target of $191.83.

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.