State of New Jersey Common Pension Fund D Has $1.96 Million Stock Position in MYR Group Inc. (NASDAQ:MYRG)

State of New Jersey Common Pension Fund D boosted its stake in MYR Group Inc. (NASDAQ:MYRG - Free Report) by 66.5% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 19,161 shares of the utilities provider's stock after buying an additional 7,655 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.12% of MYR Group worth $1,959,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of MYRG. Capital World Investors boosted its holdings in shares of MYR Group by 578.4% during the first quarter. Capital World Investors now owns 974,748 shares of the utilities provider's stock worth $172,287,000 after acquiring an additional 831,066 shares during the period. Swedbank AB bought a new stake in MYR Group in the 1st quarter valued at $51,452,000. Assenagon Asset Management S.A. grew its holdings in MYR Group by 387.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider's stock valued at $18,978,000 after buying an additional 147,598 shares in the last quarter. TimesSquare Capital Management LLC increased its position in MYR Group by 178.5% during the 3rd quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider's stock worth $21,794,000 after buying an additional 136,643 shares during the period. Finally, F M Investments LLC acquired a new stake in shares of MYR Group during the second quarter worth $10,800,000. Institutional investors and hedge funds own 88.90% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. StockNews.com raised shares of MYR Group from a "sell" rating to a "hold" rating in a research report on Monday, November 4th. Stifel Nicolaus cut their price target on MYR Group from $172.00 to $119.00 and set a "buy" rating for the company in a research note on Monday, August 5th. The Goldman Sachs Group raised their price objective on MYR Group from $124.00 to $153.00 and gave the stock a "buy" rating in a research note on Monday, November 4th. Finally, Robert W. Baird upped their target price on MYR Group from $131.00 to $138.00 and gave the company an "outperform" rating in a research report on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $143.75.

MYR Group Price Performance

Shares of MYRG stock traded down $5.86 during trading hours on Monday, reaching $140.95. The company's stock had a trading volume of 209,326 shares, compared to its average volume of 181,122. 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 fifty-two week low of $86.60 and a fifty-two week high of $181.02. The company has a market capitalization of $2.27 billion, a price-to-earnings ratio of 61.55 and a beta of 0.89. The firm's 50 day simple moving average is $117.54 and its 200-day simple moving average is $126.89.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.25 by $0.40. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The business had revenue of $888.00 million during the quarter, compared to analysts' expectations of $917.18 million. During the same period in the prior year, the company earned $1.28 EPS. The firm's quarterly revenue was down 5.5% compared to the same quarter last year. Sell-side analysts forecast that MYR Group Inc. will post 1.16 earnings per share for the current 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.