Wolverine Trading LLC Invests $304,000 in MYR Group Inc. (NASDAQ:MYRG)

Wolverine Trading LLC bought a new position in MYR Group Inc. (NASDAQ:MYRG - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 2,040 shares of the utilities provider's stock, valued at approximately $304,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Arcadia Investment Management Corp MI acquired a new position in MYR Group in the fourth quarter worth $47,000. Smartleaf Asset Management LLC raised its stake in shares of MYR Group by 697.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider's stock worth $49,000 after acquiring an additional 286 shares during the last quarter. ANTIPODES PARTNERS Ltd lifted its position in shares of MYR Group by 13.2% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider's stock worth $92,000 after purchasing an additional 72 shares in the last quarter. Quadrant Capital Group LLC grew its stake in shares of MYR Group by 52.4% during the fourth quarter. Quadrant Capital Group LLC now owns 666 shares of the utilities provider's stock valued at $99,000 after purchasing an additional 229 shares during the last quarter. Finally, KBC Group NV increased its holdings in shares of MYR Group by 56.8% in the fourth quarter. KBC Group NV now owns 737 shares of the utilities provider's stock valued at $110,000 after purchasing an additional 267 shares in the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MYRG has been the topic of several research reports. KeyCorp upped their price objective on MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a report on Friday, May 2nd. Stifel Nicolaus cut their price target on MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a research note on Wednesday, April 9th. Robert W. Baird lifted their price objective on MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. The Goldman Sachs Group cut their target price on shares of MYR Group from $164.00 to $145.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. Finally, Wall Street Zen upgraded shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $152.40.

MYR Group Trading Down 1.1%

NASDAQ:MYRG traded down $1.77 during mid-day trading on Wednesday, hitting $160.29. The company had a trading volume of 201,069 shares, compared to its average volume of 223,686. The firm has a market cap of $2.49 billion, a P/E ratio of 70.00 and a beta of 1.06. MYR Group Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $168.88. The business's fifty day moving average is $136.33 and its two-hundred day moving average is $139.78. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.27. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The business had revenue of $833.62 million for the quarter, compared to analyst estimates of $788.98 million. During the same quarter last year, the firm earned $1.12 EPS. MYR Group's quarterly revenue was up 2.2% compared to the same quarter last year. As a group, research analysts expect that MYR Group Inc. will post 1.16 earnings per share for the current 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.