Wealth Enhancement Advisory Services LLC Buys Shares of 2,026 MYR Group, Inc. $MYRG

Key Points

• Wealth Enhancement Advisory Services LLC acquired 2,026 shares of MYR Group, Inc. during the 2nd quarter, totaling approximately $383,000.
• Institutional investors own 88.90% of MYR Group's stock, with other hedge funds also increasing their stakes recently.
• MYR Group reported earnings of $1.70 per share for the last quarter, exceeding analysts' expectations of $1.56, alongside a revenue increase of 8.6% year-over-year.

Wealth Enhancement Advisory Services LLC bought a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 2,026 shares of the utilities provider's stock, valued at approximately $383,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in shares of MYR Group during the 1st quarter valued at $440,000. Teacher Retirement System of Texas acquired a new position in shares of MYR Group during the 1st quarter valued at $267,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of MYR Group during the 1st quarter valued at $1,922,000. Nuveen LLC acquired a new position in shares of MYR Group during the 1st quarter valued at $18,511,000. Finally, J. Safra Sarasin Holding AG acquired a new position in shares of MYR Group during the 1st quarter valued at $2,011,000. Institutional investors own 88.90% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Jefferies Financial Group assumed coverage on MYR Group in a research report on Friday, August 15th. They set a "hold" rating and a $202.00 price target on the stock. Weiss Ratings restated a "hold (c+)" rating on shares of MYR Group in a report on Saturday, September 27th. KeyCorp restated a "sector weight" rating on shares of MYR Group in a report on Wednesday, October 1st. The Goldman Sachs Group lifted their target price on MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Finally, Stifel Nicolaus set a $210.00 target price on MYR Group in a report on Monday, August 4th. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $191.83.

MYR Group Price Performance

MYRG opened at $196.83 on Wednesday. The stock has a market cap of $3.05 billion, a price-to-earnings ratio of 41.09 and a beta of 1.19. MYR Group, Inc. has a 1 year low of $97.72 and a 1 year high of $220.01. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.14. The stock has a fifty day moving average price of $187.12 and a 200 day moving average price of $165.36.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.56 by $0.14. The firm had revenue of $900.33 million during 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 business's revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.91) earnings per share. Analysts forecast that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

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.

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