Millennium Management LLC Boosts Stake in MYR Group Inc. (NASDAQ:MYRG)

Millennium Management LLC grew its stake in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 38.4% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 461,830 shares of the utilities provider's stock after buying an additional 128,159 shares during the period. Millennium Management LLC owned approximately 2.86% of MYR Group worth $68,706,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. MCF Advisors LLC boosted its position in shares of MYR Group by 470.0% during the 4th quarter. MCF Advisors LLC now owns 171 shares of the utilities provider's stock valued at $25,000 after acquiring an additional 141 shares in the last quarter. Arcadia Investment Management Corp MI bought a new position in MYR Group in the 4th quarter valued at $47,000. Smartleaf Asset Management LLC grew its position in shares of MYR Group by 697.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider's stock worth $49,000 after buying an additional 286 shares during the period. ANTIPODES PARTNERS Ltd increased its holdings in MYR Group by 13.2% in the fourth quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider's stock valued at $92,000 after purchasing an additional 72 shares during the last quarter. Finally, Quadrant Capital Group LLC increased its stake in MYR Group by 52.4% in 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 in the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. The Goldman Sachs Group reduced their price objective on MYR Group from $164.00 to $145.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Robert W. Baird upped their price target on shares of MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. KeyCorp increased their price objective on MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a research 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 for the company in a research note on Wednesday, April 9th. Finally, Piper Sandler raised their target price on shares of MYR Group from $124.00 to $138.00 and gave the company a "neutral" rating in a report on Monday, May 5th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $149.40.

MYR Group Stock Down 0.4%

Shares of NASDAQ MYRG traded down $0.73 during trading on Wednesday, hitting $163.32. The stock had a trading volume of 18,231 shares, compared to its average volume of 218,028. MYR Group Inc. has a 12 month low of $86.60 and a 12 month high of $168.88. The company has a market capitalization of $2.54 billion, a PE ratio of 71.36 and a beta of 1.06. The firm has a fifty day moving average of $128.37 and a two-hundred day moving average of $138.74. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35.

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 firm had revenue of $833.62 million for the quarter, compared to analyst estimates of $788.98 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The business's revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.12 earnings per share. As a group, equities research analysts forecast that MYR Group Inc. will post 1.16 EPS for the current fiscal year.

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.