Needham Investment Management LLC Takes Position in MYR Group Inc. (NASDAQ:MYRG)

Needham Investment Management LLC acquired a new stake in shares of MYR Group Inc. (NASDAQ:MYRG) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 25,000 shares of the utilities provider’s stock, valued at approximately $2,556,000.

Several other hedge funds also recently bought and sold shares of MYRG. Principal Financial Group Inc. boosted its stake in shares of MYR Group by 3.7% during the third quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock valued at $44,113,000 after purchasing an additional 15,361 shares during the period. Swedbank AB grew its stake in MYR Group by 6.0% in the 3rd quarter. Swedbank AB now owns 267,000 shares of the utilities provider’s stock worth $27,295,000 after acquiring an additional 15,000 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in shares of MYR Group during the third quarter worth approximately $24,145,000. Charles Schwab Investment Management Inc. raised its stake in shares of MYR Group by 8.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 233,055 shares of the utilities provider’s stock valued at $23,825,000 after acquiring an additional 17,580 shares in the last quarter. Finally, TimesSquare Capital Management LLC boosted its holdings in shares of MYR Group by 178.5% in the third quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider’s stock valued at $21,794,000 after purchasing an additional 136,643 shares during the period. Institutional investors own 88.90% of the company’s stock.

Analyst Ratings Changes

MYRG has been the subject of several recent research reports. Stifel Nicolaus reduced their price target on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a report on Monday, August 5th. The Goldman Sachs Group upped their target price on MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a report on Monday, November 4th. StockNews.com upgraded MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Finally, Robert W. Baird upped their price target 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 given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $143.75.

MYR Group Stock Performance

Shares of MYRG stock traded down $0.13 on Tuesday, hitting $157.94. The company had a trading volume of 5,191 shares, compared to its average volume of 180,794. The firm has a market cap of $2.55 billion, a P/E ratio of 69.03 and a beta of 0.93. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $181.02. The company has a 50-day moving average price of $127.61 and a 200-day moving average price of $126.87. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.40. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The firm had revenue of $888.00 million during the quarter, compared to analyst estimates of $917.18 million. During the same period in the previous year, the firm earned $1.28 EPS. The business’s quarterly revenue was down 5.5% on a year-over-year basis. As a group, equities research analysts predict that MYR Group Inc. will post 1.16 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.