Needham Investment Management LLC Invests $2.56 Million in MYR Group Inc. (NASDAQ:MYRG)

Needham Investment Management LLC acquired a new stake in shares of MYR Group Inc. (NASDAQ:MYRG) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 25,000 shares of the utilities provider’s stock, valued at approximately $2,556,000. Needham Investment Management LLC owned about 0.16% of MYR Group as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the company. DekaBank Deutsche Girozentrale bought a new position in shares of MYR Group in the 3rd quarter worth approximately $116,000. RiverPark Advisors LLC grew its position in shares of MYR Group by 21.9% during the 2nd quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider’s stock valued at $148,000 after acquiring an additional 196 shares during the period. Quest Partners LLC bought a new stake in shares of MYR Group during the 3rd quarter valued at $223,000. FMR LLC increased its stake in shares of MYR Group by 90.2% in the 3rd quarter. FMR LLC now owns 2,336 shares of the utilities provider’s stock worth $239,000 after purchasing an additional 1,108 shares in the last quarter. Finally, Aigen Investment Management LP purchased a new position in MYR Group during the third quarter valued at $334,000. Institutional investors own 88.90% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on MYRG shares. StockNews.com raised MYR Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. Robert W. Baird upped their target price on shares of MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. The Goldman Sachs Group raised their price target on MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a report on Monday, November 4th. Finally, Stifel Nicolaus cut their target price on MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, MYR Group presently has an average rating of “Moderate Buy” and a consensus price target of $143.75.

MYR Group Price Performance

Shares of NASDAQ:MYRG traded down $0.13 during mid-day trading on Tuesday, reaching $157.94. The stock had a trading volume of 5,191 shares, compared to its average volume of 180,794. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The company has a market cap of $2.55 billion, a P/E ratio of 69.03 and a beta of 0.93. MYR Group Inc. has a 1 year low of $86.60 and a 1 year high of $181.02. The business’s 50 day moving average price is $127.61 and its 200 day moving average price is $126.87.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.40. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The firm had revenue of $888.00 million during the quarter, compared to the consensus estimate of $917.18 million. During the same quarter last year, the firm earned $1.28 EPS. The firm’s revenue for the quarter was down 5.5% compared to the same quarter last year. Research analysts expect that MYR Group Inc. will post 1.16 EPS for the current fiscal year.

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.