Public Employees Retirement System of Ohio Buys Shares of 6,903 MYR Group, Inc. $MYRG

Public Employees Retirement System of Ohio bought a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,903 shares of the utilities provider’s stock, valued at approximately $3,454,000.

A number of other large investors have also made changes to their positions in the business. Kilter Group LLC purchased a new position in MYR Group during the 2nd quarter worth $25,000. Global Retirement Partners LLC acquired a new stake in MYR Group in the second quarter worth about $30,000. Carolina Wealth Advisors LLC acquired a new position in shares of MYR Group during the second quarter valued at about $30,000. Allworth Financial LP purchased a new position in shares of MYR Group in the 2nd quarter valued at approximately $40,000. Finally, Fiduciary Financial Advisors acquired a new stake in MYR Group in the 2nd quarter worth approximately $51,000. 88.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Jefferies Financial Group set a $392.00 price target on shares of MYR Group in a report on Friday, July 10th. The Goldman Sachs Group reduced their target price on MYR Group from $469.00 to $422.00 and set a “neutral” rating for the company in a research note on Thursday, August 13th. Oppenheimer reissued a “market perform” rating on shares of MYR Group in a report on Thursday, June 11th. Wall Street Zen lowered MYR Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 29th. Finally, Cantor Fitzgerald increased their price target on shares of MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $451.20.

MYR Group Trading Up 0.9%

Shares of MYR Group stock opened at $286.59 on Friday. The firm has a 50-day simple moving average of $361.70 and a two-hundred day simple moving average of $360.23. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.40 and a current ratio of 1.40. MYR Group, Inc. has a fifty-two week low of $171.51 and a fifty-two week high of $503.57. The company has a market cap of $4.46 billion, a P/E ratio of 27.19 and a beta of 1.31.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, beating analysts’ consensus estimates of $2.62 by $0.55. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $995.74 million. During the same period last year, the firm earned $1.70 EPS. The company’s quarterly revenue was up 20.1% on a year-over-year basis. As a group, equities analysts predict that MYR Group, Inc. will post 12.43 earnings per share for the current fiscal year.

MYR Group Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.