VIRGINIA RETIREMENT SYSTEMS ET Al Invests $1.88 Million in MYR Group, Inc. $MYRG

Key Points

• Virginia Retirement Systems purchased 3,750 shares of MYR Group worth approximately $1.88 million during the second quarter. Institutional investors collectively own 88.9% of the company.
• MYR Group reported quarterly EPS of $3.17, beating estimates of $2.62, while revenue rose 20.1% year over year to $1.08 billion.
• MYRG opened at $291.26, well below its 52-week high of $503.57. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $451.20, though Goldman Sachs lowered its target and kept a neutral rating.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in MYR Group, Inc. (NASDAQ:MYRG - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,750 shares of the utilities provider's stock, valued at approximately $1,876,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. California State Teachers Retirement System raised its stake in MYR Group by 49,257.6% during the second quarter. California State Teachers Retirement System now owns 9,012,704 shares of the utilities provider's stock valued at $4,509,957,000 after buying an additional 8,994,444 shares during the last quarter. BlackRock Inc. bought a new position in shares of MYR Group during the second quarter valued at $1,232,294,000. Wellington Management Group LLP increased its holdings in shares of MYR Group by 63.5% during the fourth quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider's stock valued at $223,153,000 after acquiring an additional 396,502 shares in the last quarter. Bank of America Corp DE purchased a new position in shares of MYR Group in the 2nd quarter worth about $61,365,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of MYR Group in the 2nd quarter worth about $53,361,000. Institutional investors own 88.90% of the company's stock.

MYR Group Price Performance

NASDAQ MYRG opened at $291.26 on Friday. MYR Group, Inc. has a one year low of $171.51 and a one year high of $503.57. The stock has a 50-day moving average of $343.83 and a 200 day moving average of $360.79. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.40 and a current ratio of 1.40. The company has a market capitalization of $4.53 billion, a price-to-earnings ratio of 27.63 and a beta of 1.31.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted 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. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The business had revenue of $1.08 billion for the quarter, compared to analysts' expectations of $995.74 million. During the same quarter in the prior year, the business earned $1.70 EPS. The business's revenue for the quarter was up 20.1% compared to the same quarter last year. On average, sell-side analysts forecast that MYR Group, Inc. will post 12.43 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently commented on MYRG shares. The Goldman Sachs Group cut their price objective on shares of MYR Group from $469.00 to $422.00 and set a "neutral" rating on the stock in a research report on Thursday, August 13th. Robert W. Baird set a $375.00 target price on shares of MYR Group in a report on Thursday, July 30th. Wall Street Zen downgraded shares of MYR Group from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 29th. Oppenheimer reissued a "market perform" rating on shares of MYR Group in a research report on Thursday, June 11th. Finally, Jefferies Financial Group set a $392.00 price objective on shares of MYR Group in a report on Friday, July 10th. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $451.20.

MYR Group Company Profile

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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