Jane Street Group LLC Acquires 9,041 Shares of MYR Group Inc. (NASDAQ:MYRG)

Jane Street Group LLC raised its stake in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 43.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 30,070 shares of the utilities provider's stock after purchasing an additional 9,041 shares during the quarter. Jane Street Group LLC owned 0.19% of MYR Group worth $4,474,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Wellington Management Group LLP acquired a new stake in MYR Group in the 4th quarter valued at $60,217,000. ACK Asset Management LLC bought a new stake in shares of MYR Group in the 4th quarter worth about $29,754,000. T. Rowe Price Investment Management Inc. increased its position in shares of MYR Group by 42.1% during the 4th 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. Next Century Growth Investors LLC lifted its holdings in MYR Group by 513.8% during the 4th quarter. Next Century Growth Investors LLC now owns 151,610 shares of the utilities provider's stock valued at $22,555,000 after purchasing an additional 126,910 shares during the last quarter. Finally, Voya Investment Management LLC boosted its position in MYR Group by 185.0% in the fourth quarter. Voya Investment Management LLC now owns 165,447 shares of the utilities provider's stock valued at $24,614,000 after buying an additional 107,403 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Piper Sandler lifted their target price on shares of MYR Group from $124.00 to $138.00 and gave the company a "neutral" rating in a research note on Monday, May 5th. KeyCorp boosted their price objective on MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a research note on Friday, May 2nd. The Goldman Sachs Group decreased their target price on MYR Group from $164.00 to $145.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. StockNews.com raised MYR Group from a "hold" rating to a "buy" rating in a report on Monday, May 5th. Finally, Stifel Nicolaus decreased their price objective 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. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $149.40.

MYR Group Price Performance

MYR Group stock opened at $155.25 on Friday. The business's 50-day simple moving average is $121.52 and its 200 day simple moving average is $136.63. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. The stock has a market cap of $2.41 billion, a price-to-earnings ratio of 67.80 and a beta of 1.06. MYR Group Inc. has a 12-month low of $86.60 and a 12-month high of $168.88.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.27. The company had revenue of $833.62 million for the quarter, compared to analyst estimates of $788.98 million. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The company's revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.12 EPS. As a group, research analysts anticipate 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.

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