State of Wyoming Raises Holdings in MYR Group, Inc. $MYRG

Key Points

• The State of Wyoming increased its stake in MYR Group, Inc. by 544.5% in Q1, owning 6,780 shares valued at approximately $767,000.
• MYR Group reported earnings of $1.70 per share for the last quarter, exceeding analysts' expectations and showing an 8.6% increase in revenue compared to the previous year.
• Several hedge funds have also significantly increased their holdings in MYR Group, contributing to 88.90% of the stock being owned by institutional investors.

State of Wyoming raised its position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 544.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,780 shares of the utilities provider's stock after purchasing an additional 5,728 shares during the period. State of Wyoming's holdings in MYR Group were worth $767,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Caitong International Asset Management Co. Ltd grew its holdings 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 purchasing an additional 165 shares during the period. Versant Capital Management Inc grew its holdings 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 purchasing an additional 210 shares during the period. ANTIPODES PARTNERS Ltd lifted its position 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 worth $81,000 after acquiring an additional 101 shares in the last quarter. CWM LLC lifted its position in shares of MYR Group by 176.9% during the first quarter. CWM LLC now owns 1,293 shares of the utilities provider's stock worth $146,000 after acquiring an additional 826 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in shares of MYR Group by 234.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,337 shares of the utilities provider's stock worth $199,000 after acquiring an additional 937 shares in the last quarter. 88.90% of the stock is owned by institutional investors.

MYR Group Price Performance

MYRG traded down $5.00 during trading on Tuesday, reaching $182.27. The stock had a trading volume of 87,747 shares, compared to its average volume of 212,516. The stock has a market cap of $2.83 billion, a PE ratio of 38.05 and a beta of 1.19. 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 one year low of $86.60 and a one year high of $220.01. The business has a 50-day moving average of $186.92 and a 200-day moving average of $153.70.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its earnings results on Wednesday, July 30th. The utilities provider reported $1.70 EPS for the quarter, beating analysts' consensus estimates of $1.56 by $0.14. The business had revenue of $900.33 million for the quarter, compared to analysts' expectations of $828.20 million. MYR Group had a return on equity of 13.16% and a net margin of 2.21%.The firm's revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.91) earnings per share. As a group, equities research analysts anticipate that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MYRG. Wall Street Zen upgraded MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. The Goldman Sachs Group increased their target price on MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Stifel Nicolaus set a $210.00 target price on MYR Group in a research report on Monday, August 4th. Jefferies Financial Group initiated coverage on MYR Group in a research report on Friday, August 15th. They set a "hold" rating and a $202.00 target price on the stock. Finally, KeyCorp increased their price objective on MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a research 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.com, MYR Group presently has a consensus rating of "Moderate Buy" and an average target price of $191.83.

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.