Teachers Retirement System of The State of Kentucky Boosts Holdings in MYR Group Inc. (NASDAQ:MYRG)

Teachers Retirement System of The State of Kentucky grew its position in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 153.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,687 shares of the utilities provider's stock after purchasing an additional 8,287 shares during the quarter. Teachers Retirement System of The State of Kentucky owned approximately 0.08% of MYR Group worth $2,036,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Wellington Management Group LLP purchased a new stake in MYR Group during the 4th quarter valued at $60,217,000. ACK Asset Management LLC bought a new stake in MYR Group in the fourth quarter valued at $29,754,000. Next Century Growth Investors LLC raised its holdings in MYR Group by 513.8% in the 4th 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. Boston Partners bought a new stake in shares of MYR Group during the 4th quarter valued at about $14,811,000. Finally, American Century Companies Inc. lifted its position in MYR Group by 38.2% during the fourth quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider's stock valued at $49,368,000 after buying an additional 91,644 shares during the period. 88.90% of the stock is currently owned by institutional investors.

MYR Group Stock Performance

Shares of MYRG stock traded up $22.90 during mid-day trading on Thursday, reaching $145.22. The stock had a trading volume of 239,328 shares, compared to its average volume of 211,865. The business's fifty day moving average is $117.06 and its 200-day moving average is $134.97. The firm has a market cap of $2.34 billion, a price-to-earnings ratio of 63.18 and a beta of 1.07. MYR Group Inc. has a 1-year low of $86.60 and a 1-year high of $168.88. 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 issued its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.45 EPS for the quarter, topping 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 during the quarter, compared to analysts' expectations of $788.98 million. During the same period in the previous year, the business earned $1.12 earnings per share. The firm's revenue for the quarter was up 2.2% on a year-over-year basis. On average, research analysts forecast that MYR Group Inc. will post 1.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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