MYR Group, Inc. $MYRG Shares Purchased by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP increased its stake in MYR Group, Inc. by 11.7%, now owning approximately 2.91% of the company valued at $51.14 million.
• Multiple institutional investors, including Envestnet Asset Management and Tower Research Capital, significantly raised their stakes in MYR Group during the fourth quarter, indicating strong institutional interest.
• Wall Street analysts have a consensus rating of "Moderate Buy" for MYR Group, with a target price averaging $191.83, reflecting optimism about the company's growth potential.

Wellington Management Group LLP grew its position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 11.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 452,213 shares of the utilities provider's stock after purchasing an additional 47,445 shares during the quarter. Wellington Management Group LLP owned approximately 2.91% of MYR Group worth $51,141,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd increased its holdings in shares of MYR Group by 92.7% during the 1st 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 in the last quarter. Versant Capital Management Inc increased its holdings in shares of MYR Group by 85.4% during the 1st 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 in the last quarter. ANTIPODES PARTNERS Ltd increased its holdings in shares of MYR Group by 16.3% during the 1st quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider's stock valued at $81,000 after purchasing an additional 101 shares in the last quarter. CWM LLC increased its holdings in shares of MYR Group by 176.9% during the 1st quarter. CWM LLC now owns 1,293 shares of the utilities provider's stock valued at $146,000 after purchasing an additional 826 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale increased its holdings in shares of MYR Group by 43.3% during the 1st 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. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Price Performance

MYRG traded up $3.50 on Thursday, hitting $190.40. 100,731 shares of the company's stock were exchanged, compared to its average volume of 212,468. MYR Group, Inc. has a fifty-two week low of $86.60 and a fifty-two week 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 firm has a 50-day moving average price of $185.81 and a 200-day moving average price of $152.45. The stock has a market cap of $2.96 billion, a price-to-earnings ratio of 39.75 and a beta of 1.17.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. The Goldman Sachs Group lifted their price target on shares of MYR Group from $168.00 to $205.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. KeyCorp lifted their price target on shares of MYR Group from $205.00 to $211.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Stifel Nicolaus set a $210.00 price target on shares of MYR Group in a research note on Monday, August 4th. Jefferies Financial Group assumed coverage on shares of MYR Group in a research note on Friday, August 15th. They issued a "hold" rating and a $202.00 price target on the stock. Finally, Robert W. Baird lifted their price target on shares of MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, MYR Group presently has an average rating of "Moderate Buy" and a consensus price target of $191.83.

MYR Group Company 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.