1060 Capital LLC Purchases New Stake in MYR Group Inc. (NASDAQ:MYRG)

1060 Capital LLC acquired a new position in shares of MYR Group Inc. (NASDAQ:MYRG) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 55,000 shares of the utilities provider’s stock, valued at approximately $8,182,000. MYR Group makes up 16.2% of 1060 Capital LLC’s portfolio, making the stock its 2nd largest holding. 1060 Capital LLC owned about 0.34% of MYR Group at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of MYRG. ANTIPODES PARTNERS Ltd lifted its stake in MYR Group by 13.2% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider’s stock worth $92,000 after purchasing an additional 72 shares during the last quarter. Tidal Investments LLC lifted its position in shares of MYR Group by 2.0% in the 3rd quarter. Tidal Investments LLC now owns 4,286 shares of the utilities provider’s stock worth $438,000 after buying an additional 83 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of MYR Group by 27.0% in the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock valued at $83,000 after buying an additional 118 shares during the period. MCF Advisors LLC grew its position in shares of MYR Group by 470.0% during the 4th quarter. MCF Advisors LLC now owns 171 shares of the utilities provider’s stock valued at $25,000 after buying an additional 141 shares during the last quarter. Finally, Morgan Dempsey Capital Management LLC raised its stake in MYR Group by 17.5% during the fourth quarter. Morgan Dempsey Capital Management LLC now owns 1,317 shares of the utilities provider’s stock worth $196,000 after acquiring an additional 196 shares during the period. Institutional investors own 88.90% of the company’s stock.

MYR Group Stock Up 20.3 %

MYRG stock opened at $147.10 on Friday. The firm’s 50-day moving average is $117.63 and its two-hundred day moving average is $135.16. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of 64.24 and a beta of 1.07. MYR Group Inc. has a 52 week low of $86.60 and a 52 week high of $168.88. 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 (NASDAQ:MYRG) last announced its earnings results on Wednesday, April 30th. The utilities provider reported $1.45 EPS for the quarter, topping the consensus estimate of $1.18 by $0.27. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The firm had revenue of $833.62 million for the quarter, compared to analysts’ expectations of $788.98 million. During the same quarter in the previous year, the company earned $1.12 earnings per share. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. On average, analysts forecast that MYR Group Inc. will post 1.16 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. KeyCorp upgraded MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 price objective for the company in a research note on Friday, March 14th. Stifel Nicolaus dropped their price objective on shares of MYR Group from $157.00 to $131.00 and set a “buy” rating on the stock in a report on Wednesday, April 9th. Piper Sandler began coverage on shares of MYR Group in a research note on Tuesday, April 8th. They set a “neutral” rating and a $124.00 target price for the company. The Goldman Sachs Group decreased their target price on shares of MYR Group from $164.00 to $145.00 and set a “buy” rating for the company in a research report on Thursday, April 24th. Finally, Robert W. Baird lifted their price target on MYR Group from $159.00 to $170.00 and gave the company an “outperform” rating in a report on Thursday. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, MYR Group currently has a consensus rating of “Moderate Buy” and an average target price of $141.20.

MYR Group 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.