Prudent Man Advisors LLC Invests $255,000 in MYR Group, Inc. $MYRG

Prudent Man Advisors LLC bought a new position in MYR Group, Inc. (NASDAQ:MYRG) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 1,407 shares of the utilities provider’s stock, valued at approximately $255,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Teacher Retirement System of Texas purchased a new stake in shares of MYR Group in the 1st quarter worth about $267,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of MYR Group in the 1st quarter worth about $1,922,000. Allspring Global Investments Holdings LLC grew its position in shares of MYR Group by 29.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 48,685 shares of the utilities provider’s stock worth $8,797,000 after buying an additional 11,107 shares during the period. HB Wealth Management LLC purchased a new stake in MYR Group during the 2nd quarter valued at about $224,000. Finally, Nuveen LLC purchased a new stake in MYR Group during the 1st quarter valued at about $18,511,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Price Performance

MYRG opened at $219.63 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.33 and a current ratio of 1.33. The stock has a market capitalization of $3.41 billion, a P/E ratio of 45.85 and a beta of 1.19. The company’s 50-day simple moving average is $192.07 and its two-hundred day simple moving average is $173.72. MYR Group, Inc. has a 52-week low of $97.72 and a 52-week high of $221.17.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.14. The business had revenue of $900.33 million for the quarter, compared to analysts’ expectations of $828.20 million. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.91) EPS. As a group, analysts predict that MYR Group, Inc. will post 1.16 EPS for the current year.

Analyst Upgrades and Downgrades

MYRG has been the topic of several recent analyst reports. Wall Street Zen downgraded shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research report on Friday, October 3rd. KeyCorp reissued a “sector weight” rating on shares of MYR Group in a research report on Wednesday, October 1st. Jefferies Financial Group initiated coverage on shares of MYR Group in a research report on Friday, August 15th. They set a “hold” rating and a $202.00 price objective on the stock. Stifel Nicolaus increased their price objective on shares of MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a research report on Thursday, October 9th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of MYR Group in a research report on Saturday. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $194.50.

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.