XTX Topco Ltd Takes $517,000 Position in MYR Group, Inc. (NASDAQ:MYRG)

XTX Topco Ltd acquired a new position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 4,569 shares of the utilities provider's stock, valued at approximately $517,000.

Several other hedge funds have also bought and sold shares of the company. T. Rowe Price Investment Management Inc. lifted its stake in MYR Group by 42.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider's stock valued at $79,942,000 after purchasing an additional 159,302 shares during the last quarter. Millennium Management LLC lifted its stake in MYR Group by 38.4% in the 4th quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider's stock valued at $68,706,000 after purchasing an additional 128,159 shares during the last quarter. Wellington Management Group LLP acquired a new stake in MYR Group in the 4th quarter valued at about $60,217,000. Jacobs Levy Equity Management Inc. lifted its stake in MYR Group by 16.9% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 276,136 shares of the utilities provider's stock valued at $41,081,000 after purchasing an additional 39,954 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in MYR Group by 18.3% in the 4th quarter. Ameriprise Financial Inc. now owns 263,530 shares of the utilities provider's stock valued at $39,205,000 after purchasing an additional 40,827 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. KeyCorp increased their price target on shares of MYR Group from $205.00 to $211.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Robert W. Baird raised their target price on shares of MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Wall Street Zen raised shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Piper Sandler lifted their price target on shares of MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. Finally, Stifel Nicolaus set a $210.00 price target on shares of MYR Group in a research note on Monday, August 4th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $189.80.

MYR Group Stock Performance

Shares of MYRG stock traded down $0.59 during trading on Friday, reaching $185.05. 160,982 shares of the company's stock traded hands, compared to its average volume of 178,001. The company has a market capitalization of $2.87 billion, a P/E ratio of 38.63 and a beta of 1.17. 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's 50-day moving average is $180.45 and its 200 day moving average is $148.90. MYR Group, Inc. has a 1 year low of $86.60 and a 1 year high of $220.01.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $900.33 million during the quarter, compared to analysts' expectations of $828.20 million. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. MYR Group's revenue was up 8.6% on a year-over-year basis. During the same period last year, the company posted ($0.91) EPS. Equities research analysts expect that MYR Group, Inc. will post 1.16 EPS 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.