Jacobs Levy Equity Management Inc. Buys New Shares in MYR Group Inc. (NASDAQ:MYRG)

Jacobs Levy Equity Management Inc. acquired a new position in MYR Group Inc. (NASDAQ:MYRG - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 236,182 shares of the utilities provider's stock, valued at approximately $24,145,000. Jacobs Levy Equity Management Inc. owned 1.47% of MYR Group at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of MYRG. DekaBank Deutsche Girozentrale acquired a new position in shares of MYR Group in the 3rd quarter worth approximately $116,000. RiverPark Advisors LLC increased its holdings in MYR Group by 21.9% during the 2nd quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider's stock valued at $148,000 after purchasing an additional 196 shares in the last quarter. Quest Partners LLC acquired a new stake in MYR Group during the 3rd quarter valued at $223,000. FMR LLC increased 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 valued at $239,000 after purchasing an additional 1,108 shares in the last quarter. Finally, Aigen Investment Management LP acquired a new stake in MYR Group during the 3rd quarter valued at $334,000. 88.90% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MYRG has been the subject of a number of recent analyst reports. Robert W. Baird raised their price target on MYR Group from $131.00 to $138.00 and gave the company 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 report on Monday, November 4th. Finally, The Goldman Sachs Group increased 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 issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $143.75.

MYR Group Trading Up 1.8 %

MYRG stock traded up $2.94 during midday trading on Wednesday, hitting $163.10. 65,539 shares of the company's stock were exchanged, compared to its average volume of 180,694. The stock's fifty day moving average price is $130.01 and its 200-day moving average price is $126.96. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. The company has a market cap of $2.63 billion, a PE ratio of 69.94 and a beta of 0.93. MYR Group Inc. has a one year low of $86.60 and a one year high of $181.02.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.40. The firm had revenue of $888.00 million for the quarter, compared to analyst estimates of $917.18 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The company's revenue for the quarter was down 5.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.28 earnings per share. Research analysts predict that MYR Group Inc. will post 1.16 earnings per share for the current fiscal year.

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.