Southport Management L.L.C. bought a new stake in MYR Group Inc. (NASDAQ:MYRG - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 6,000 shares of the utilities provider's stock, valued at approximately $893,000. MYR Group comprises about 3.3% of Southport Management L.L.C.'s portfolio, making the stock its 15th biggest holding.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP acquired a new position in shares of MYR Group during the fourth quarter worth about $60,217,000. ACK Asset Management LLC acquired a new position in shares of MYR Group during the fourth quarter worth about $29,754,000. T. Rowe Price Investment Management Inc. lifted its stake in shares of MYR Group by 42.1% during the fourth 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. Millennium Management LLC lifted its stake in shares of MYR Group by 38.4% during the fourth quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider's stock worth $68,706,000 after purchasing an additional 128,159 shares in the last quarter. Finally, Next Century Growth Investors LLC lifted its stake in shares of MYR Group by 513.8% during the fourth quarter. Next Century Growth Investors LLC now owns 151,610 shares of the utilities provider's stock worth $22,555,000 after purchasing an additional 126,910 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on MYRG. Piper Sandler lifted their target price on MYR Group from $124.00 to $138.00 and gave the stock a "neutral" rating in a research report on Monday, May 5th. Stifel Nicolaus dropped their target price on MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. The Goldman Sachs Group dropped their target price on MYR Group from $164.00 to $145.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. KeyCorp lifted their target price on MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a research report on Friday, May 2nd. Finally, Robert W. Baird lifted their target price on MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, MYR Group currently has an average rating of "Moderate Buy" and an average target price of $149.40.
Read Our Latest Report on MYR Group
MYR Group Stock Down 0.4%
NASDAQ MYRG traded down $0.61 on Monday, hitting $163.94. 214,310 shares of the stock traded hands, compared to its average volume of 218,183. The stock has a 50-day moving average of $126.32 and a 200 day moving average of $138.33. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $168.88. The company has a market capitalization of $2.54 billion, a P/E ratio of 71.59 and a beta of 1.06. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15.
MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings data 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. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The firm had revenue of $833.62 million for the quarter, compared to analysts' expectations of $788.98 million. During the same quarter in the prior year, the firm posted $1.12 earnings per share. MYR Group's revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, analysts expect that MYR Group Inc. will post 1.16 earnings per share for the current fiscal year.
MYR Group Company Profile
(
Free Report)
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.
Featured Articles
Before you consider MYR Group, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and MYR Group wasn't on the list.
While MYR Group currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Enter your email address and we'll send you MarketBeat's list of ten stocks that are set to soar in Spring 2025, despite the threat of tariffs and other economic uncertainty. These ten stocks are incredibly resilient and are likely to thrive in any economic environment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
