Driehaus Capital Management LLC Increases Stock Position in MYR Group Inc. (NASDAQ:MYRG)

Driehaus Capital Management LLC lifted its stake in MYR Group Inc. (NASDAQ:MYRG - Free Report) by 16.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 141,534 shares of the utilities provider's stock after acquiring an additional 19,904 shares during the quarter. Driehaus Capital Management LLC owned 0.84% of MYR Group worth $19,208,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Susquehanna Fundamental Investments LLC lifted its stake in MYR Group by 20.4% during the second quarter. Susquehanna Fundamental Investments LLC now owns 3,530 shares of the utilities provider's stock worth $479,000 after purchasing an additional 597 shares in the last quarter. Scientech Research LLC acquired a new position in MYR Group during the 2nd quarter worth about $403,000. Select Equity Group L.P. lifted its stake in MYR Group by 12.3% during the 2nd quarter. Select Equity Group L.P. now owns 11,864 shares of the utilities provider's stock worth $1,610,000 after acquiring an additional 1,299 shares in the last quarter. Mackenzie Financial Corp boosted its holdings in MYR Group by 59.0% during the 2nd quarter. Mackenzie Financial Corp now owns 3,818 shares of the utilities provider's stock valued at $518,000 after acquiring an additional 1,417 shares during the period. Finally, Millennium Management LLC grew its position in MYR Group by 68.9% in the 2nd quarter. Millennium Management LLC now owns 171,329 shares of the utilities provider's stock valued at $23,251,000 after acquiring an additional 69,886 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on MYRG. StockNews.com lowered shares of MYR Group from a "hold" rating to a "sell" rating in a research note on Wednesday, September 18th. The Goldman Sachs Group decreased their price target on shares of MYR Group from $182.00 to $124.00 and set a "buy" rating for the company in a research report on Thursday, September 19th. Robert W. Baird cut their price objective on MYR Group from $170.00 to $143.00 and set an "outperform" rating on the stock in a research report on Thursday, August 1st. Finally, Stifel Nicolaus decreased their target price on MYR Group from $172.00 to $119.00 and set a "buy" rating for the company in a report on Monday, August 5th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, MYR Group presently has an average rating of "Hold" and a consensus target price of $137.75.

MYR Group Stock Up 1.0 %

Shares of NASDAQ:MYRG traded up $1.03 during trading hours on Friday, reaching $102.75. The stock had a trading volume of 144,429 shares, compared to its average volume of 168,088. MYR Group Inc. has a 1 year low of $86.60 and a 1 year high of $181.02. The firm's 50 day moving average is $106.35 and its 200-day moving average is $137.57. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of 19.91 and a beta of 0.93. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.36 and a current ratio of 1.36.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) EPS for the quarter, missing the consensus estimate of $1.07 by ($1.98). The business had revenue of $828.89 million during the quarter, compared to analysts' expectations of $876.07 million. MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The business's quarterly revenue was down 6.7% compared to the same quarter last year. During the same period last year, the company earned $1.33 EPS. Research analysts predict that MYR Group Inc. will post 0.91 earnings per share for the current fiscal year.

About MYR Group

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.