Holocene Advisors LP Takes Position in MYR Group Inc. (NASDAQ:MYRG)

Holocene Advisors LP purchased a new position in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 26,882 shares of the utilities provider's stock, valued at approximately $2,748,000. Holocene Advisors LP owned about 0.17% of MYR Group at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. DekaBank Deutsche Girozentrale bought a new stake in shares of MYR Group in the 3rd quarter valued at about $116,000. RiverPark Advisors LLC boosted its holdings in 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 acquiring an additional 196 shares during the last quarter. Quest Partners LLC acquired a new stake in MYR Group during the 3rd quarter valued at approximately $223,000. FMR LLC raised its holdings in MYR Group by 90.2% during 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 during the last quarter. Finally, Aigen Investment Management LP acquired a new position in shares of MYR Group in the 3rd quarter worth approximately $334,000. Institutional investors and hedge funds own 88.90% of the company's stock.

MYR Group Stock Down 0.2 %

NASDAQ:MYRG traded down $0.25 during trading hours on Friday, reaching $166.31. The company had a trading volume of 186,821 shares, compared to its average volume of 181,324. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $181.02. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. The firm has a market cap of $2.68 billion, a price-to-earnings ratio of 72.24 and a beta of 0.93. The business's 50-day simple moving average is $132.61 and its two-hundred day simple moving average is $127.49.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its earnings results on Wednesday, October 30th. The utilities provider reported $0.65 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $917.18 million. During the same period last year, the business posted $1.28 EPS. The firm's revenue for the quarter was down 5.5% compared to the same quarter last year. On average, equities analysts expect that MYR Group Inc. will post 1.16 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on MYRG shares. Robert W. Baird increased their price objective on shares of MYR Group from $131.00 to $138.00 and gave the stock an "outperform" rating in a research report on Thursday, October 31st. The Goldman Sachs Group increased their price target 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 research note on Monday, November 4th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, MYR Group has a consensus rating of "Moderate Buy" and an average target price of $143.75.

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.