MYR Group Inc. (NASDAQ:MYRG) Shares Acquired by Paloma Partners Management Co

Paloma Partners Management Co increased its holdings in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 198.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,965 shares of the utilities provider's stock after purchasing an additional 3,965 shares during the period. Paloma Partners Management Co's holdings in MYR Group were worth $610,000 as of its most recent SEC filing.

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

MYR Group Trading Up 2.4 %

Shares of MYR Group stock traded up $3.86 during mid-day trading on Wednesday, hitting $164.02. 189,147 shares of the stock were exchanged, compared to its average volume of 181,244. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $181.02. The stock has a market capitalization of $2.64 billion, a price-to-earnings ratio of 69.94 and a beta of 0.93. The company has a 50-day simple moving average of $130.01 and a 200 day simple moving average of $126.96. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $917.18 million. During the same period last year, the company earned $1.28 earnings per share. The company's quarterly revenue was down 5.5% on a year-over-year basis. Research analysts forecast that MYR Group Inc. will post 1.16 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. StockNews.com raised shares of MYR Group from a "sell" rating to a "hold" rating in a research note on Monday, November 4th. The Goldman Sachs Group upped their target price on shares of 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 shares of MYR Group from $131.00 to $138.00 and gave the stock an "outperform" rating in a research note on Thursday, October 31st. Three 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, MYR Group has a consensus rating of "Moderate Buy" and a consensus 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.