Holocene Advisors LP Makes New $2.75 Million Investment in MYR Group Inc. (NASDAQ:MYRG)

Holocene Advisors LP bought a new stake in MYR Group Inc. (NASDAQ:MYRG) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 26,882 shares of the utilities provider’s stock, valued at approximately $2,748,000.

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

MYR Group Stock Performance

MYR Group stock opened at $166.56 on Friday. The firm has a fifty day simple moving average of $131.31 and a two-hundred day simple moving average of $127.22. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $181.02. The company has a market capitalization of $2.68 billion, a PE ratio of 72.73 and a beta of 0.93.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, beating 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 company had revenue of $888.00 million during the quarter, compared to analyst estimates of $917.18 million. During the same quarter in the previous year, the company posted $1.28 EPS. MYR Group’s revenue for the quarter was down 5.5% on a year-over-year basis. Research analysts expect that MYR Group Inc. will post 1.16 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MYRG. Robert W. Baird lifted their price objective 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 upped their price objective on MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Finally, StockNews.com raised MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, MYR Group currently has a consensus rating of “Moderate Buy” and an average price target 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.