Jackson Creek Investment Advisors LLC Invests $1.81 Million in MYR Group, Inc. $MYRG

Jackson Creek Investment Advisors LLC acquired a new position in shares of MYR Group, Inc. (NASDAQ:MYRG) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 8,295 shares of the utilities provider’s stock, valued at approximately $1,812,000. Jackson Creek Investment Advisors LLC owned about 0.05% of MYR Group as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of MYR Group by 14.7% during the third quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock worth $254,897,000 after purchasing an additional 157,157 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in shares of MYR Group by 0.9% during the third quarter. Fisher Asset Management LLC now owns 450,402 shares of the utilities provider’s stock worth $93,697,000 after purchasing an additional 4,203 shares during the last quarter. Teton Advisors LLC acquired a new stake in shares of MYR Group during the third quarter worth $1,248,000. Citigroup Inc. boosted its holdings in shares of MYR Group by 66.3% during the third quarter. Citigroup Inc. now owns 24,861 shares of the utilities provider’s stock worth $5,172,000 after purchasing an additional 9,911 shares during the last quarter. Finally, New York State Common Retirement Fund raised its stake in MYR Group by 119.9% during the third quarter. New York State Common Retirement Fund now owns 34,827 shares of the utilities provider’s stock worth $7,245,000 after purchasing an additional 18,986 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

Wall Street Analysts Forecast Growth

MYRG has been the subject of several research reports. Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a research note on Tuesday, April 21st. The Goldman Sachs Group lifted their target price on MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a report on Tuesday, March 3rd. Cantor Fitzgerald boosted their price target on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Stifel Nicolaus set a $503.00 price objective on MYR Group in a report on Monday, May 4th. Finally, Robert W. Baird set a $373.00 price objective on MYR Group in a report on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $358.17.

MYR Group Stock Performance

NASDAQ:MYRG opened at $464.35 on Wednesday. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $7.23 billion, a price-to-earnings ratio of 51.20 and a beta of 1.30. The firm’s fifty day simple moving average is $351.75 and its 200 day simple moving average is $280.47. MYR Group, Inc. has a twelve month low of $154.62 and a twelve month high of $480.00.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.09 by $0.90. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $932.45 million. During the same period in the prior year, the firm earned $1.45 EPS. The firm’s quarterly revenue was up 20.0% compared to the same quarter last year. As a group, equities research analysts expect that MYR Group, Inc. will post 10.59 earnings per share for the current fiscal year.

About MYR Group

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.