Integrated Quantitative Investments LLC Makes New $1.38 Million Investment in MYR Group, Inc. $MYRG

Integrated Quantitative Investments LLC acquired a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 7,595 shares of the utilities provider’s stock, valued at approximately $1,378,000.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Teacher Retirement System of Texas acquired a new position in shares of MYR Group during the first quarter valued at approximately $267,000. HB Wealth Management LLC purchased a new stake in shares of MYR Group during the second quarter worth approximately $224,000. Vanguard Personalized Indexing Management LLC acquired a new position in MYR Group in the 2nd quarter valued at $211,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in MYR Group in the 1st quarter valued at $1,922,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in MYR Group by 29.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 48,685 shares of the utilities provider’s stock valued at $8,797,000 after purchasing an additional 11,107 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Performance

NASDAQ:MYRG opened at $229.44 on Friday. The company’s 50-day moving average is $204.67 and its two-hundred day moving average is $185.74. MYR Group, Inc. has a 1-year low of $97.72 and a 1-year high of $241.13. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.33 and a quick ratio of 1.33. The firm has a market capitalization of $3.56 billion, a price-to-earnings ratio of 37.07 and a beta of 1.24.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.82 by $0.23. The business had revenue of $950.40 million during the quarter, compared to the consensus estimate of $931.72 million. MYR Group had a net margin of 2.78% and a return on equity of 16.94%. The business’s revenue was up 7.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.65 EPS. Analysts forecast that MYR Group, Inc. will post 1.16 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently issued reports on MYRG. Stifel Nicolaus upped their target price on shares of MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a report on Thursday, October 9th. The Goldman Sachs Group upped their price objective on shares of MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a research note on Friday. Jefferies Financial Group started coverage on shares of MYR Group in a report on Friday, August 15th. They issued a “hold” rating and a $202.00 price objective for the company. Wall Street Zen cut MYR Group from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 9th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a research report on Thursday. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $201.67.

Insider Transactions at MYR Group

In other MYR Group news, COO Don A. Egan sold 2,900 shares of MYR Group stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total value of $676,860.00. Following the sale, the chief operating officer owned 5,797 shares in the company, valued at $1,353,019.80. The trade was a 33.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is currently owned by company insiders.

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.