Bridges Investment Management Inc. Takes $535,000 Position in MYR Group Inc. (NASDAQ:MYRG)

Bridges Investment Management Inc. bought a new stake in MYR Group Inc. (NASDAQ:MYRG) in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 3,944 shares of the utilities provider’s stock, valued at approximately $535,000.

Several other large investors also recently made changes to their positions in MYRG. Fidelis Capital Partners LLC acquired a new stake in shares of MYR Group in the 1st quarter valued at about $48,000. Quest Partners LLC acquired a new position in MYR Group during the 4th quarter valued at about $60,000. GAMMA Investing LLC boosted its stake in MYR Group by 37.8% during the 1st quarter. GAMMA Investing LLC now owns 598 shares of the utilities provider’s stock valued at $106,000 after purchasing an additional 164 shares during the last quarter. Covestor Ltd boosted its stake in MYR Group by 23.7% during the 1st quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock valued at $122,000 after purchasing an additional 132 shares during the last quarter. Finally, RiverPark Advisors LLC boosted its stake in MYR Group by 21.9% during the 2nd quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider’s stock valued at $148,000 after purchasing an additional 196 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

MYR Group Price Performance

Shares of NASDAQ MYRG opened at $101.66 on Friday. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $181.02. The stock’s 50 day moving average price is $110.70 and its 200-day moving average price is $139.79. The company has a market capitalization of $1.70 billion, a PE ratio of 19.70 and a beta of 0.93. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.06.

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

Analysts Set New Price Targets

MYRG has been the subject of a number of analyst reports. Stifel Nicolaus cut their price target 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. Robert W. Baird cut their price target on MYR Group from $170.00 to $143.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. The Goldman Sachs Group cut their price target on MYR Group from $182.00 to $124.00 and set a “buy” rating for the company in a research note on Thursday. Finally, StockNews.com downgraded MYR Group from a “hold” rating to a “sell” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, MYR Group has an average rating of “Hold” and a consensus price target of $137.75.

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.