Moody National Bank Trust Division Purchases New Stake in MYR Group Inc. (NASDAQ:MYRG)

Moody National Bank Trust Division purchased a new stake in shares of MYR Group Inc. (NASDAQ:MYRG) during the 2nd quarter, Holdings Channel reports. The fund purchased 1,772 shares of the utilities provider’s stock, valued at approximately $240,000.

Other large investors have also recently bought and sold shares of the company. Daiwa Securities Group Inc. acquired a new position in MYR Group during the fourth quarter valued at $29,000. Fidelis Capital Partners LLC acquired a new position in MYR Group in the 1st quarter worth about $48,000. Quest Partners LLC acquired a new position in MYR Group in the 4th quarter worth about $60,000. GAMMA Investing LLC acquired a new position in MYR Group in the 4th quarter worth about $62,000. Finally, Covestor Ltd increased its position in MYR Group by 23.7% in the 1st quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock worth $122,000 after purchasing an additional 132 shares during the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Stock Performance

Shares of MYRG stock traded up $2.84 during mid-day trading on Tuesday, reaching $98.90. The stock had a trading volume of 613,825 shares, compared to its average volume of 159,927. The firm’s 50 day simple moving average is $140.48 and its 200 day simple moving average is $152.84. The company has a quick ratio of 1.40, a current ratio of 1.36 and a debt-to-equity ratio of 0.06. MYR Group Inc. has a one year low of $92.48 and a one year high of $181.02. The firm has a market cap of $1.66 billion, a PE ratio of 18.80 and a beta of 0.99.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($1.98). MYR Group had a return on equity of 7.65% and a net margin of 1.37%. The company had revenue of $828.89 million during the quarter, compared to analyst estimates of $876.07 million. During the same period in the previous year, the company posted $1.33 earnings per share. The company’s quarterly revenue was down 6.7% on a year-over-year basis. On average, analysts forecast that MYR Group Inc. will post 5.4 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Stifel Nicolaus dropped their target price on MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research report on Monday. Robert W. Baird decreased their price target on MYR Group from $170.00 to $143.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, MYR Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $147.75.

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.