Arrowstreet Capital Limited Partnership Takes $8.16 Million Position in MYR Group, Inc. $MYRG

Arrowstreet Capital Limited Partnership bought a new stake in MYR Group, Inc. (NASDAQ:MYRG) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 44,991 shares of the utilities provider’s stock, valued at approximately $8,164,000.

A number of other hedge funds have also bought and sold shares of MYRG. HB Wealth Management LLC purchased a new position in shares of MYR Group during the 2nd quarter worth about $224,000. Allspring Global Investments Holdings LLC raised its stake in shares of MYR Group by 29.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 48,685 shares of the utilities provider’s stock valued at $8,797,000 after acquiring an additional 11,107 shares in the last quarter. Vanguard Personalized Indexing Management LLC bought a new stake in shares of MYR Group in the second quarter valued at about $211,000. Prudential Financial Inc. raised its holdings in shares of MYR Group by 62.7% in the second quarter. Prudential Financial Inc. now owns 26,975 shares of the utilities provider’s stock valued at $4,895,000 after acquiring an additional 10,391 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in shares of MYR Group in the 1st quarter worth approximately $18,511,000. Institutional investors own 88.90% of the company’s stock.

MYR Group Price Performance

NASDAQ:MYRG opened at $226.50 on Thursday. The stock has a market capitalization of $3.52 billion, a PE ratio of 36.59 and a beta of 1.20. The stock’s 50-day moving average price is $217.19 and its 200-day moving average price is $193.84. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.11. MYR Group, Inc. has a 52 week low of $97.72 and a 52 week high of $241.13.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.82 by $0.23. MYR Group had a net margin of 2.78% and a return on equity of 16.65%. The business had revenue of $950.40 million for the quarter, compared to the consensus estimate of $931.72 million. During the same period last year, the firm posted $0.65 earnings per share. The company’s revenue was up 7.0% compared to the same quarter last year. As a group, equities analysts expect that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Insider Buying and Selling at MYR Group

In related news, COO Don A. Egan sold 2,900 shares of the business’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total transaction of $676,860.00. Following the transaction, the chief operating officer directly owned 5,797 shares in the company, valued at approximately $1,353,019.80. The trade was a 33.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.80% of the company’s stock.

Wall Street Analysts Forecast Growth

MYRG has been the subject of several recent research reports. KeyCorp reissued a “sector weight” rating on shares of MYR Group in a research report on Wednesday, October 1st. The Goldman Sachs Group upped their target price on MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a research report on Friday, November 14th. Weiss Ratings reiterated a “hold (c+)” rating on shares of MYR Group in a research note on Monday. Stifel Nicolaus boosted their price objective on shares of MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a report on Thursday, October 9th. Finally, Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Monday, November 17th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $201.67.

About MYR Group

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.