Quest Partners LLC Takes $223,000 Position in MYR Group Inc. (NASDAQ:MYRG)

Quest Partners LLC acquired a new position in MYR Group Inc. (NASDAQ:MYRG) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 2,186 shares of the utilities provider’s stock, valued at approximately $223,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Swedbank AB acquired a new position in MYR Group in the 1st quarter worth approximately $51,452,000. Assenagon Asset Management S.A. increased its stake in shares of MYR Group by 387.9% in the third quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider’s stock worth $18,978,000 after acquiring an additional 147,598 shares during the period. TimesSquare Capital Management LLC raised its holdings in shares of MYR Group by 178.5% during the third quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider’s stock worth $21,794,000 after purchasing an additional 136,643 shares during the last quarter. F M Investments LLC acquired a new position in MYR Group during the second quarter valued at $10,800,000. Finally, Millennium Management LLC boosted its holdings in MYR Group by 68.9% in the second quarter. Millennium Management LLC now owns 171,329 shares of the utilities provider’s stock valued at $23,251,000 after purchasing an additional 69,886 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

Wall Street Analyst Weigh In

MYRG has been the subject of a number of recent research reports. Stifel Nicolaus reduced their price objective 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. The Goldman Sachs Group boosted their price target on MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a report on Monday, November 4th. StockNews.com raised shares of MYR Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. Finally, Robert W. Baird boosted their target price on shares of MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $143.75.

MYR Group Stock Performance

Shares of MYRG stock opened at $158.77 on Wednesday. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. MYR Group Inc. has a 12-month low of $86.60 and a 12-month high of $181.02. The business’s 50 day moving average is $123.02 and its two-hundred day moving average is $126.80. The company has a market capitalization of $2.56 billion, a P/E ratio of 68.17 and a beta of 0.89.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.40. The firm had revenue of $888.00 million for the quarter, compared to analysts’ expectations of $917.18 million. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The firm’s revenue for the quarter was down 5.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.28 EPS. Analysts expect that MYR Group Inc. will post 1.16 EPS for the current fiscal year.

MYR Group Company Profile

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.