PDT Partners LLC Takes Position in MYR Group Inc. (NASDAQ:MYRG)

PDT Partners LLC purchased a new position in MYR Group Inc. (NASDAQ:MYRG - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 26,380 shares of the utilities provider's stock, valued at approximately $2,697,000. PDT Partners LLC owned 0.16% of MYR Group at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. State of New Jersey Common Pension Fund D raised its stake in MYR Group by 66.5% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 19,161 shares of the utilities provider's stock valued at $1,959,000 after buying an additional 7,655 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in MYR Group during the second quarter valued at approximately $5,163,000. Fisher Asset Management LLC increased its holdings in MYR Group by 11.1% during the third quarter. Fisher Asset Management LLC now owns 37,752 shares of the utilities provider's stock valued at $3,859,000 after buying an additional 3,759 shares during the period. US Bancorp DE increased its holdings in MYR Group by 2,187.8% during the third quarter. US Bancorp DE now owns 5,422 shares of the utilities provider's stock valued at $554,000 after buying an additional 5,185 shares during the period. Finally, Creative Planning boosted its stake in MYR Group by 193.0% in the third quarter. Creative Planning now owns 4,841 shares of the utilities provider's stock valued at $495,000 after acquiring an additional 3,189 shares in the last quarter. Institutional investors own 88.90% of the company's stock.

Wall Street Analyst Weigh In

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

MYR Group Price Performance

Shares of MYRG traded up $0.13 during mid-day trading on Friday, hitting $157.90. 70,435 shares of the company were exchanged, compared to its average volume of 243,428. MYR Group Inc. has a 1-year low of $86.60 and a 1-year high of $181.02. 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 50 day moving average of $127.61 and a 200-day moving average of $127.07. The stock has a market cap of $2.55 billion, a price-to-earnings ratio of 68.95 and a beta of 0.89.

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

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.