Teachers Retirement System of The State of Kentucky Raises Stock Position in MYR Group, Inc. (NASDAQ:MYRG)

Teachers Retirement System of The State of Kentucky boosted its position in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 19.2% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 16,319 shares of the utilities provider's stock after acquiring an additional 2,632 shares during the period. Teachers Retirement System of The State of Kentucky owned 0.10% of MYR Group worth $1,846,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in MYRG. TimesSquare Capital Management LLC lifted its position in MYR Group by 40.3% during the first quarter. TimesSquare Capital Management LLC now owns 168,257 shares of the utilities provider's stock valued at $19,028,000 after purchasing an additional 48,324 shares during the last quarter. CWM LLC increased its stake in MYR Group by 176.9% in the first quarter. CWM LLC now owns 1,293 shares of the utilities provider's stock valued at $146,000 after acquiring an additional 826 shares during the last quarter. DekaBank Deutsche Girozentrale raised its position in MYR Group by 43.3% during the first quarter. DekaBank Deutsche Girozentrale now owns 1,622 shares of the utilities provider's stock valued at $186,000 after purchasing an additional 490 shares in the last quarter. Teacher Retirement System of Texas bought a new position in shares of MYR Group during the 1st quarter valued at about $267,000. Finally, Townsend & Associates Inc lifted its position in MYR Group by 20.4% in the 1st quarter. Townsend & Associates Inc now owns 127,824 shares of the utilities provider's stock worth $14,013,000 after buying an additional 21,631 shares during the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Stifel Nicolaus upped their price objective on shares of MYR Group from $174.00 to $204.00 and gave the company a "buy" rating in a research note on Friday, July 11th. KeyCorp lifted their price objective on MYR Group from $172.00 to $205.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Wall Street Zen upgraded MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Robert W. Baird boosted their price objective on MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Finally, Piper Sandler upped their price target 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. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $180.00.

MYR Group Stock Performance

NASDAQ:MYRG traded up $4.73 during mid-day trading on Thursday, reaching $195.34. The company's stock had a trading volume of 229,412 shares, compared to its average volume of 136,593. The firm's fifty day moving average price is $173.50 and its two-hundred day moving average price is $145.47. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.15. The stock has a market cap of $3.03 billion, a P/E ratio of 89.61 and a beta of 1.19. MYR Group, Inc. has a 12-month low of $86.60 and a 12-month high of $197.00.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.18 by $0.27. MYR Group had a net margin of 1.02% and a return on equity of 5.84%. The company had revenue of $833.62 million for the quarter, compared to the consensus estimate of $788.98 million. During the same quarter last year, the firm posted $1.12 earnings per share. The firm's revenue was up 2.2% compared to the same quarter last year. On average, equities analysts forecast that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

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.