First Trust Advisors LP Boosts Stock Position in MYR Group Inc. (NASDAQ:MYRG)

First Trust Advisors LP raised its stake in MYR Group Inc. (NASDAQ:MYRG - Free Report) by 43.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 84,261 shares of the utilities provider's stock after buying an additional 25,510 shares during the period. First Trust Advisors LP owned about 0.52% of MYR Group worth $12,536,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC lifted its holdings in shares of MYR Group by 77.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 54,405 shares of the utilities provider's stock worth $8,045,000 after buying an additional 23,760 shares during the period. Principal Financial Group Inc. lifted its position in shares of MYR Group by 3.7% in the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider's stock worth $44,113,000 after purchasing an additional 15,361 shares during the period. GAMMA Investing LLC boosted its stake in shares of MYR Group by 27.0% during the fourth quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider's stock valued at $83,000 after purchasing an additional 118 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in MYR Group by 12.3% during the fourth quarter. Bank of New York Mellon Corp now owns 238,740 shares of the utilities provider's stock valued at $35,517,000 after buying an additional 26,205 shares during the period. Finally, Truist Financial Corp increased its holdings in MYR Group by 51.1% during the fourth quarter. Truist Financial Corp now owns 3,402 shares of the utilities provider's stock valued at $506,000 after buying an additional 1,150 shares during the period. 88.90% of the stock is currently owned by institutional investors.

MYR Group Price Performance

Shares of MYR Group stock traded up $25.10 on Thursday, hitting $147.42. The company's stock had a trading volume of 475,785 shares, compared to its average volume of 213,038. 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 Inc. has a 1 year low of $86.60 and a 1 year high of $168.88. The firm has a fifty day moving average price of $117.06 and a 200-day moving average price of $134.97. The company has a market capitalization of $2.38 billion, a price-to-earnings ratio of 64.42 and a beta of 1.07.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its earnings results on Wednesday, April 30th. The utilities provider reported $1.45 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $788.98 million. During the same quarter in the previous year, the company earned $1.12 earnings per share. The company's quarterly revenue was up 2.2% on a year-over-year basis. As a group, sell-side analysts anticipate that MYR Group Inc. will post 1.16 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have issued reports on MYRG shares. KeyCorp raised MYR Group from a "sector weight" rating to an "overweight" rating and set a $136.00 target price on the stock in a research report on Friday, March 14th. Piper Sandler started coverage on shares of MYR Group in a report on Tuesday, April 8th. They issued a "neutral" rating and a $124.00 target price for the company. Robert W. Baird lifted their price objective on shares of MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday. The Goldman Sachs Group decreased their target price on shares of MYR Group from $164.00 to $145.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Finally, Stifel Nicolaus cut their price target on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $141.20.

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.