GAMMA Investing LLC Invests $62,000 in MYR Group Inc. (NASDAQ:MYRG)

GAMMA Investing LLC bought a new stake in MYR Group Inc. (NASDAQ:MYRG) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 434 shares of the utilities provider’s stock, valued at approximately $62,000.

A number of other institutional investors have also recently added to or reduced their stakes in MYRG. Assenagon Asset Management S.A. lifted its position in MYR Group by 85.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 110,119 shares of the utilities provider’s stock valued at $15,927,000 after buying an additional 50,848 shares in the last quarter. Trillium Asset Management LLC purchased a new position in shares of MYR Group in the 3rd quarter valued at $5,543,000. Fred Alger Management LLC acquired a new position in shares of MYR Group during the 3rd quarter valued at $4,017,000. Lord Abbett & CO. LLC boosted its position in MYR Group by 29.8% during the 3rd quarter. Lord Abbett & CO. LLC now owns 90,891 shares of the utilities provider’s stock worth $12,248,000 after purchasing an additional 20,885 shares during the period. Finally, New York State Common Retirement Fund increased its holdings in MYR Group by 115.6% in the 4th quarter. New York State Common Retirement Fund now owns 38,830 shares of the utilities provider’s stock valued at $5,616,000 after purchasing an additional 20,820 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Down 0.9 %

NASDAQ:MYRG opened at $164.82 on Thursday. The stock has a 50-day simple moving average of $165.89 and a 200 day simple moving average of $146.38. MYR Group Inc. has a one year low of $110.87 and a one year high of $181.02. The company has a market capitalization of $2.76 billion, a price-to-earnings ratio of 30.41 and a beta of 1.08. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.37 and a current ratio of 1.37.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, February 28th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.02. The business had revenue of $1 billion for the quarter, compared to analyst estimates of $904.76 million. MYR Group had a return on equity of 14.80% and a net margin of 2.50%. The business’s revenue was up 16.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.46 EPS. Sell-side analysts predict that MYR Group Inc. will post 6.64 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

MYRG has been the subject of several analyst reports. KeyCorp initiated coverage on MYR Group in a research report on Wednesday, January 10th. They issued a “sector weight” rating for the company. Stifel Nicolaus cut their price target 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 downgraded MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price target for the company. in a report on Monday, February 26th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $170.75.

MYR Group Company 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.