MYR Group Inc. (NASDAQ:MYRG) Shares Acquired by Driehaus Capital Management LLC

Driehaus Capital Management LLC lifted its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 16.4% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 141,534 shares of the utilities provider’s stock after purchasing an additional 19,904 shares during the quarter. Driehaus Capital Management LLC owned about 0.84% of MYR Group worth $19,208,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Fidelis Capital Partners LLC purchased a new position in shares of MYR Group in the 1st quarter worth $48,000. GAMMA Investing LLC raised its position in shares of MYR Group by 37.8% in the 1st quarter. GAMMA Investing LLC now owns 598 shares of the utilities provider’s stock worth $106,000 after buying an additional 164 shares during the period. Covestor Ltd raised its position in shares of MYR Group by 23.7% in the 1st quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock worth $122,000 after buying an additional 132 shares during the period. RiverPark Advisors LLC raised its position in shares of MYR Group by 21.9% in the 2nd quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider’s stock worth $148,000 after buying an additional 196 shares during the period. Finally, EntryPoint Capital LLC purchased a new position in shares of MYR Group in the 1st quarter worth $186,000. Institutional investors and hedge funds own 88.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on MYRG shares. The Goldman Sachs Group cut their target price on MYR Group from $182.00 to $124.00 and set a “buy” rating on the stock in a research report on Thursday, September 19th. Stifel Nicolaus cut their target price on MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Robert W. Baird cut their price objective on MYR Group from $170.00 to $143.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Finally, StockNews.com lowered MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, MYR Group presently has an average rating of “Hold” and an average target price of $137.75.

MYR Group Trading Up 1.0 %

NASDAQ:MYRG opened at $102.75 on Friday. The business’s 50-day moving average is $106.35 and its two-hundred day moving average is $137.70. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.36 and a quick ratio of 1.36. MYR Group Inc. has a 12 month low of $86.60 and a 12 month high of $181.02. The firm has a market capitalization of $1.72 billion, a PE ratio of 19.91 and a beta of 0.93.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($1.98). MYR Group had a return on equity of 7.65% and a net margin of 1.37%. The business had revenue of $828.89 million for the quarter, compared to analysts’ expectations of $876.07 million. During the same period in the previous year, the firm posted $1.33 earnings per share. The firm’s revenue was down 6.7% compared to the same quarter last year. Research analysts predict that MYR Group Inc. will post 0.91 earnings per share for the current fiscal year.

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.