Louisiana State Employees Retirement System Invests $1.22 Million in MYR Group Inc. (NASDAQ:MYRG)

Louisiana State Employees Retirement System bought a new stake in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 8,400 shares of the utilities provider's stock, valued at approximately $1,215,000. Louisiana State Employees Retirement System owned approximately 0.05% of MYR Group at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Vontobel Holding Ltd. grew its holdings in MYR Group by 24.2% during the 3rd quarter. Vontobel Holding Ltd. now owns 6,753 shares of the utilities provider's stock valued at $910,000 after purchasing an additional 1,315 shares during the last quarter. IFP Advisors Inc bought a new position in MYR Group during the 3rd quarter valued at about $54,000. SG Americas Securities LLC bought a new position in MYR Group during the 3rd quarter valued at about $894,000. Linden Thomas Advisory Services LLC grew its holdings in MYR Group by 3.4% during the 3rd quarter. Linden Thomas Advisory Services LLC now owns 10,807 shares of the utilities provider's stock valued at $1,456,000 after purchasing an additional 352 shares during the last quarter. Finally, Sheets Smith Wealth Management grew its holdings in MYR Group by 2.4% during the 3rd quarter. Sheets Smith Wealth Management now owns 10,789 shares of the utilities provider's stock valued at $1,454,000 after purchasing an additional 255 shares during the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

MYR Group Stock Up 2.8 %

Shares of NASDAQ MYRG traded up $4.54 during midday trading on Tuesday, reaching $164.38. 128,913 shares of the company's stock traded hands, compared to its average volume of 133,494. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.05. The stock's 50 day simple moving average is $164.69 and its 200-day simple moving average is $145.11. MYR Group Inc. has a one year low of $110.87 and a one year high of $181.02. The company has a market cap of $2.75 billion, a price-to-earnings ratio of 30.33 and a beta of 1.08.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings data on Wednesday, February 28th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.41 by $0.02. MYR Group had a net margin of 2.50% and a return on equity of 14.80%. The firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $904.76 million. During the same period last year, the firm earned $1.46 earnings per share. The company's quarterly revenue was up 16.2% on a year-over-year basis. On average, analysts predict that MYR Group Inc. will post 6.64 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on MYRG shares. KeyCorp assumed coverage on shares of MYR Group in a report on Wednesday, January 10th. They set a "sector weight" rating on the stock. Sidoti downgraded shares of MYR Group from a "buy" rating to a "neutral" rating and set a $165.00 target price on the stock. in a research note on Monday, February 26th. Finally, Stifel Nicolaus dropped their target price on shares of MYR Group from $185.00 to $184.00 and set a "buy" rating on the stock in a research note on Tuesday, April 16th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $170.75.

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.