Algert Global LLC Acquires 5,196 Shares of MYR Group Inc. (NASDAQ:MYRG)

Algert Global LLC increased its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 29.8% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 22,610 shares of the utilities provider’s stock after purchasing an additional 5,196 shares during the period. Algert Global LLC’s holdings in MYR Group were worth $3,068,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Moloney Securities Asset Management LLC increased its position in MYR Group by 0.9% during the 1st quarter. Moloney Securities Asset Management LLC now owns 8,155 shares of the utilities provider’s stock worth $1,441,000 after purchasing an additional 75 shares in the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of MYR Group by 1.2% during the second quarter. Louisiana State Employees Retirement System now owns 8,400 shares of the utilities provider’s stock worth $1,140,000 after buying an additional 100 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in shares of MYR Group by 0.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 21,973 shares of the utilities provider’s stock valued at $3,884,000 after acquiring an additional 131 shares during the last quarter. Covestor Ltd boosted its holdings in shares of 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 acquiring an additional 132 shares in the last quarter. Finally, First National Bank of Hutchinson grew its position in MYR Group by 2.6% during the 1st quarter. First National Bank of Hutchinson now owns 6,231 shares of the utilities provider’s stock worth $1,101,000 after acquiring an additional 160 shares during the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

MYR Group Stock Performance

NASDAQ:MYRG opened at $102.56 on Wednesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.36 and a current ratio of 1.36. MYR Group Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $181.02. The company has a 50 day simple moving average of $104.59 and a two-hundred day simple moving average of $136.83. The company has a market capitalization of $1.72 billion, a PE ratio of 19.88 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 for the quarter, missing analysts’ consensus estimates of $1.07 by ($1.98). The firm had revenue of $828.89 million for the quarter, compared to the consensus estimate 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 period in the prior year, the business earned $1.33 EPS. Research analysts anticipate that MYR Group Inc. will post 0.91 earnings per share for the current 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.