RiverPark Advisors LLC Purchases 699 Shares of MYR Group Inc. (NASDAQ:MYRG)

RiverPark Advisors LLC lifted its position in shares of MYR Group Inc. (NASDAQ:MYRG) by 360.3% in the 1st quarter, Holdings Channel reports. The fund owned 893 shares of the utilities provider’s stock after buying an additional 699 shares during the quarter. RiverPark Advisors LLC’s holdings in MYR Group were worth $158,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Daiwa Securities Group Inc. purchased a new stake in MYR Group during the 4th quarter worth about $29,000. Fidelis Capital Partners LLC purchased a new stake in MYR Group during the 1st quarter worth about $48,000. Quest Partners LLC purchased a new stake in MYR Group during the 4th quarter worth about $60,000. GAMMA Investing LLC purchased a new stake in MYR Group during the 4th quarter worth about $62,000. Finally, Planned Solutions Inc. purchased a new stake in MYR Group during the 4th quarter worth about $130,000. Institutional investors own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Robert W. Baird dropped their price objective on MYR Group from $185.00 to $180.00 and set an “outperform” rating on the stock in a report on Thursday, May 2nd. Stifel Nicolaus dropped their price objective on MYR Group from $185.00 to $184.00 and set a “buy” rating on the stock in a report on Tuesday, April 16th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $173.25.

MYR Group Price Performance

Shares of NASDAQ:MYRG traded down $1.22 on Tuesday, hitting $132.60. The company’s stock had a trading volume of 156,275 shares, compared to its average volume of 132,886. The company has a 50-day simple moving average of $147.52 and a 200 day simple moving average of $153.47. MYR Group Inc. has a 1 year low of $110.87 and a 1 year high of $181.02. The company has a market capitalization of $2.22 billion, a PE ratio of 25.70 and a beta of 0.99. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.40 and a quick ratio of 1.40.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.10. MYR Group had a return on equity of 13.64% and a net margin of 2.38%. The firm had revenue of $815.56 million for the quarter, compared to analysts’ expectations of $854.13 million. During the same quarter last year, the firm posted $1.38 EPS. The company’s revenue was up .5% compared to the same quarter last year. Sell-side analysts forecast that MYR Group Inc. will post 5.5 EPS for the current fiscal year.

MYR Group Company 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.