State of New Jersey Common Pension Fund D Has $2.93 Million Stake in MYR Group Inc. (NASDAQ:MYRG)

State of New Jersey Common Pension Fund D lifted its stake in shares of MYR Group Inc. (NASDAQ:MYRG) by 15.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 20,235 shares of the utilities provider’s stock after buying an additional 2,747 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.12% of MYR Group worth $2,927,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of the business. Mackenzie Financial Corp grew its position in MYR Group by 3.4% in the 4th quarter. Mackenzie Financial Corp now owns 2,985 shares of the utilities provider’s stock valued at $432,000 after purchasing an additional 97 shares during the period. Mitchell Capital Management Co. grew its position in MYR Group by 0.6% in the 3rd quarter. Mitchell Capital Management Co. now owns 33,627 shares of the utilities provider’s stock valued at $4,532,000 after purchasing an additional 199 shares during the period. Daiwa Securities Group Inc. acquired a new stake in MYR Group in the 4th quarter valued at $29,000. Assetmark Inc. grew its position in MYR Group by 15.2% in the 3rd quarter. Assetmark Inc. now owns 1,689 shares of the utilities provider’s stock valued at $228,000 after purchasing an additional 223 shares during the period. Finally, Los Angeles Capital Management LLC lifted its stake in MYR Group by 2.1% during the 3rd quarter. Los Angeles Capital Management LLC now owns 10,976 shares of the utilities provider’s stock valued at $1,479,000 after acquiring an additional 224 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on MYRG shares. KeyCorp started coverage on MYR Group in a research note on Wednesday, January 10th. They set a “sector weight” rating on the stock. Stifel Nicolaus dropped their price objective on MYR Group from $185.00 to $184.00 and set a “buy” rating on the stock in a research note on Tuesday, April 16th. Finally, Sidoti cut MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price objective on the stock. in a research note on Monday, February 26th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, MYR Group presently has a consensus rating of “Hold” and a consensus price target of $170.75.

MYR Group Trading Up 1.3 %

NASDAQ MYRG opened at $168.16 on Monday. MYR Group Inc. has a one year low of $110.87 and a one year high of $181.02. The business’s fifty day moving average is $165.32 and its 200-day moving average is $145.85. The stock has a market capitalization of $2.81 billion, a price-to-earnings ratio of 31.03 and a beta of 1.08. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.37 and a quick ratio of 1.37.

MYR Group (NASDAQ:MYRG) last announced 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 return on equity of 14.80% and a net margin of 2.50%. The business had revenue of $1 billion for the quarter, compared to analysts’ expectations of $904.76 million. During the same period in the previous year, the business posted $1.46 EPS. The firm’s quarterly revenue was up 16.2% compared to the same quarter last year. Equities research analysts predict that MYR Group Inc. will post 6.64 EPS for the current 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.