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 boosted its position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 11.7% during the first quarter, according to the company in its most recent Form 13F filing with the 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 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. boosted its position in MYR Group by 42.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider's stock worth $79,942,000 after purchasing an additional 159,302 shares in the last quarter. Millennium Management LLC raised its holdings in shares of MYR Group by 38.4% in the fourth quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider's stock worth $68,706,000 after acquiring an additional 128,159 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in shares of MYR Group by 16.9% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 276,136 shares of the utilities provider's stock worth $41,081,000 after acquiring an additional 39,954 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of MYR Group by 18.3% in the fourth quarter. Ameriprise Financial Inc. now owns 263,530 shares of the utilities provider's stock worth $39,205,000 after acquiring an additional 40,827 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of MYR Group by 4.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 252,172 shares of the utilities provider's stock worth $28,518,000 after acquiring an additional 9,971 shares during the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

MYR Group Stock Down 2.2%

Shares of NASDAQ MYRG traded down $4.26 on Friday, hitting $187.27. The company had a trading volume of 247,404 shares, compared to its average volume of 200,245. MYR Group, Inc. has a 12-month low of $86.60 and a 12-month high of $220.01. The business has a 50 day moving average of $186.64 and a two-hundred day moving average of $153.08. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $2.91 billion, a P/E ratio of 39.10 and a beta of 1.17.

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

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MYRG. The Goldman Sachs Group boosted their price target on MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Robert W. Baird lifted 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. Stifel Nicolaus set a $210.00 price objective on MYR Group in a research report on Monday, August 4th. Finally, KeyCorp lifted their price objective on MYR Group from $205.00 to $211.00 and gave the company 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 issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $191.83.

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.