Select Equity Group L.P. Raises Stake in MYR Group, Inc. $MYRG

Select Equity Group L.P. lifted its stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 487.8% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 42,296 shares of the utilities provider's stock after buying an additional 35,100 shares during the quarter. Select Equity Group L.P. owned approximately 0.27% of MYR Group worth $4,783,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of MYRG. Quarry LP boosted its holdings in shares of MYR Group by 190.4% during the 1st quarter. Quarry LP now owns 273 shares of the utilities provider's stock valued at $31,000 after purchasing an additional 179 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in 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. Versant Capital Management Inc boosted its stake in 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. 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 buying an additional 101 shares in the last quarter. Finally, CWM LLC increased its stake in MYR Group by 176.9% in the 1st quarter. CWM LLC now owns 1,293 shares of the utilities provider's stock worth $146,000 after acquiring an additional 826 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MYRG has been the subject of a number of recent research reports. 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 for the company. Wall Street Zen upgraded shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Piper Sandler boosted 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. Stifel Nicolaus set a $210.00 price target on shares of MYR Group in a research report on Monday, August 4th. Finally, The Goldman Sachs Group boosted their price target on shares of MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, MYR Group currently has a consensus rating of "Moderate Buy" and an average price target of $191.83.

MYR Group Trading Down 2.0%

NASDAQ MYRG traded down $3.51 on Friday, hitting $175.66. 56,353 shares of the stock were exchanged, compared to its average volume of 209,583. 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 stock has a fifty day moving average price of $186.64 and a two-hundred day moving average price of $156.21. The firm has a market capitalization of $2.73 billion, a P/E ratio of 36.67 and a beta of 1.18. MYR Group, Inc. has a 52-week low of $95.42 and a 52-week high of $220.01.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings data 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%. MYR Group's quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.91) earnings per share. 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.