Quadrature Capital Ltd Acquires 1,618 Shares of MYR Group Inc. (NASDAQ:MYRG)

Quadrature Capital Ltd raised its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 41.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,564 shares of the utilities provider’s stock after purchasing an additional 1,618 shares during the period. Quadrature Capital Ltd’s holdings in MYR Group were worth $569,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. State of New Jersey Common Pension Fund D boosted its position in shares of MYR Group by 66.5% during the third quarter. State of New Jersey Common Pension Fund D now owns 19,161 shares of the utilities provider’s stock valued at $1,959,000 after buying an additional 7,655 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in shares of MYR Group by 11.1% during the 3rd quarter. Fisher Asset Management LLC now owns 37,752 shares of the utilities provider’s stock valued at $3,859,000 after acquiring an additional 3,759 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of MYR Group in the second quarter worth approximately $5,163,000. Walleye Capital LLC raised its holdings in shares of MYR Group by 422.6% during the third quarter. Walleye Capital LLC now owns 43,985 shares of the utilities provider’s stock valued at $4,497,000 after purchasing an additional 35,569 shares during the last quarter. Finally, FORA Capital LLC purchased a new position in shares of MYR Group during the third quarter valued at approximately $417,000. Institutional investors own 88.90% of the company’s stock.

MYR Group Trading Down 0.2 %

Shares of MYRG stock opened at $166.31 on Monday. MYR Group Inc. has a 1 year low of $86.60 and a 1 year high of $181.02. The firm has a fifty day moving average price of $133.88 and a 200-day moving average price of $127.14. The company has a market cap of $2.68 billion, a price-to-earnings ratio of 72.62 and a beta of 0.93. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.40. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The business had revenue of $888.00 million during the quarter, compared to analysts’ expectations of $917.18 million. During the same quarter in the prior year, the business posted $1.28 earnings per share. The business’s quarterly revenue was down 5.5% on a year-over-year basis. As a group, equities analysts predict that MYR Group Inc. will post 1.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MYRG. Robert W. Baird raised 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. StockNews.com upgraded MYR Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. Finally, The Goldman Sachs Group upped their price objective on MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $143.75.

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.