Covestor Ltd Acquires 132 Shares of MYR Group Inc. (NASDAQ:MYRG)

Covestor Ltd boosted its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 23.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 689 shares of the utilities provider’s stock after acquiring an additional 132 shares during the period. Covestor Ltd’s holdings in MYR Group were worth $122,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Daiwa Securities Group Inc. bought a new stake in shares of MYR Group in the 4th quarter valued at about $29,000. Fidelis Capital Partners LLC bought a new stake in shares of MYR Group in the 1st quarter valued at about $48,000. Quest Partners LLC bought a new stake in shares of MYR Group in the 4th quarter valued at about $60,000. GAMMA Investing LLC bought a new stake in shares of MYR Group in the 4th quarter valued at about $62,000. Finally, Planned Solutions Inc. bought a new stake in shares of MYR Group in the 4th quarter valued at about $130,000. 88.90% of the stock is currently owned by institutional investors.

MYR Group Stock Performance

MYRG traded up $1.21 during trading on Tuesday, reaching $146.98. 66,926 shares of the company’s stock were exchanged, compared to its average volume of 133,495. MYR Group Inc. has a 1 year low of $110.87 and a 1 year high of $181.02. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.40 and a quick ratio of 1.40. The stock has a market capitalization of $2.46 billion, a P/E ratio of 28.80 and a beta of 0.99. The company’s fifty day simple moving average is $145.46 and its 200-day simple moving average is $153.44.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.10. MYR Group had a net margin of 2.38% and a return on equity of 13.64%. The company had revenue of $815.56 million during the quarter, compared to analyst estimates of $854.13 million. During the same period last year, the firm posted $1.38 EPS. MYR Group’s revenue for the quarter was up .5% compared to the same quarter last year. As a group, research analysts predict that MYR Group Inc. will post 5.4 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MYRG has been the topic of a number of recent analyst reports. Robert W. Baird lowered their price target on shares of 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 decreased their price objective on shares of MYR Group from $185.00 to $184.00 and set a “buy” rating for the company in a research report on Tuesday, April 16th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $173.25.

About MYR Group

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.