MYR Group Inc. (NASDAQ:MYRG) Shares Bought by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D raised its holdings in MYR Group Inc. (NASDAQ:MYRG) by 66.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 19,161 shares of the utilities provider’s stock after acquiring an additional 7,655 shares during the period. State of New Jersey Common Pension Fund D’s holdings in MYR Group were worth $1,959,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of MYRG. Capital World Investors raised its holdings in MYR Group by 578.4% in the 1st quarter. Capital World Investors now owns 974,748 shares of the utilities provider’s stock valued at $172,287,000 after acquiring an additional 831,066 shares during the last quarter. Swedbank AB purchased a new stake in shares of MYR Group in the 1st quarter valued at approximately $51,452,000. Assenagon Asset Management S.A. grew its stake in shares of 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 during the period. TimesSquare Capital Management LLC grew its stake in shares of MYR Group by 178.5% in the 3rd quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider’s stock valued at $21,794,000 after buying an additional 136,643 shares during the period. Finally, F M Investments LLC purchased a new stake in shares of MYR Group in the 2nd quarter valued at approximately $10,800,000. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Stock Performance

NASDAQ:MYRG opened at $146.81 on Monday. 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 stock has a market capitalization of $2.37 billion, a P/E ratio of 64.11 and a beta of 0.89. The company has a 50 day moving average price of $116.51 and a 200 day moving average price of $126.97. MYR Group Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $181.02.

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

Analysts Set New Price Targets

Several research firms have recently weighed in on MYRG. Stifel Nicolaus dropped their price target on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a research note on Monday, August 5th. 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 increased their price target on shares of MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Finally, Robert W. Baird increased their price target on shares of MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $143.75.

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.