Texas Permanent School Fund Corp Has $2.25 Million Position in MYR Group Inc. (NASDAQ:MYRG)

Texas Permanent School Fund Corp increased its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 13.5% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 16,600 shares of the utilities provider’s stock after purchasing an additional 1,976 shares during the period. Texas Permanent School Fund Corp’s holdings in MYR Group were worth $2,253,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in MYRG. Charles Schwab Investment Management Inc. lifted its holdings in shares of MYR Group by 0.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 217,313 shares of the utilities provider’s stock worth $31,430,000 after buying an additional 890 shares during the last quarter. Janney Montgomery Scott LLC increased its position in MYR Group by 8.9% during the fourth quarter. Janney Montgomery Scott LLC now owns 21,842 shares of the utilities provider’s stock worth $3,159,000 after acquiring an additional 1,787 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in MYR Group during the 4th quarter valued at $338,000. Trexquant Investment LP bought a new stake in MYR Group in the 4th quarter valued at $1,017,000. Finally, Quest Partners LLC acquired a new stake in MYR Group in the 4th quarter worth $60,000. Institutional investors own 88.90% of the company’s stock.

MYR Group Stock Up 1.7 %

NASDAQ MYRG opened at $100.69 on Wednesday. MYR Group Inc. has a 1-year low of $86.60 and a 1-year high of $181.02. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of 19.51 and a beta of 0.93. The stock’s 50 day moving average is $113.80 and its two-hundred day moving average is $141.42. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.06.

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

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. StockNews.com downgraded MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday. Robert W. Baird decreased their price objective on MYR Group from $170.00 to $143.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Finally, Stifel Nicolaus cut their target price on MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a research note on Monday, August 5th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $147.75.

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.