Squarepoint Ops LLC Trims Stock Position in MYR Group, Inc. $MYRG

Key Points

• Squarepoint Ops LLC cut its MYR Group stake by 95.1% in the second quarter, selling 22,235 shares and retaining 1,141 shares valued at approximately $571,000. Institutional investors collectively own 88.9% of the company.
• MYR Group reported strong quarterly results, with EPS of $3.17 versus the $2.62 consensus estimate and revenue of $1.08 billion, up 20.1% year over year.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $451.20, despite shares recently trading at $279.28.

Squarepoint Ops LLC cut its stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 95.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,141 shares of the utilities provider's stock after selling 22,235 shares during the quarter. Squarepoint Ops LLC's holdings in MYR Group were worth $571,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Nykredit A S purchased a new position in shares of MYR Group during the second quarter valued at about $298,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in MYR Group in the second quarter worth about $1,876,000. denkapparat Operations GmbH purchased a new stake in MYR Group in the second quarter worth about $467,000. BTG Pactual Asset Management US LLC bought a new stake in MYR Group during the 2nd quarter valued at approximately $290,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in MYR Group during the 2nd quarter valued at approximately $302,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Price Performance

Shares of NASDAQ MYRG opened at $279.28 on Friday. MYR Group, Inc. has a fifty-two week low of $176.76 and a fifty-two week high of $503.57. The company has a 50 day simple moving average of $328.68 and a two-hundred day simple moving average of $360.82. The company has a market capitalization of $4.35 billion, a price-to-earnings ratio of 26.50 and a beta of 1.31. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.40 and a current ratio of 1.40.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.62 by $0.55. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $995.74 million. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The business's revenue was up 20.1% on a year-over-year basis. During the same period last year, the business earned $1.70 earnings per share. Analysts expect that MYR Group, Inc. will post 12.43 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on MYRG shares. Robert W. Baird set a $375.00 target price on MYR Group in a report on Thursday, July 30th. Zacks Research upgraded MYR Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 10th. Jefferies Financial Group set a $392.00 price target on MYR Group in a research note on Friday, July 10th. Wall Street Zen downgraded MYR Group from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 29th. Finally, The Goldman Sachs Group decreased their price objective on MYR Group from $469.00 to $422.00 and set a "neutral" rating for the company in a report on Thursday, August 13th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, MYR Group has a consensus rating of "Moderate Buy" and a consensus price target of $451.20.

About MYR Group

MYR Group Inc NASDAQ: MYRG is a holding company that provides specialized electrical construction and infrastructure services in the United States and Canada. Through its operating subsidiaries, the company serves utilities, renewable energy developers, commercial and industrial businesses, government entities and other customers.

Its utility infrastructure operations focus on the construction, maintenance and repair of electric transmission and distribution systems, substations, storm restoration projects and other power-delivery infrastructure.

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