Millennium Management LLC Acquires 69,886 Shares of MYR Group Inc. (NASDAQ:MYRG)

Millennium Management LLC lifted its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 68.9% during the second quarter, HoldingsChannel reports. The firm owned 171,329 shares of the utilities provider’s stock after purchasing an additional 69,886 shares during the quarter. Millennium Management LLC’s holdings in MYR Group were worth $23,251,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fidelis Capital Partners LLC purchased a new position in MYR Group in the first quarter valued at approximately $48,000. GAMMA Investing LLC lifted its position in shares of MYR Group by 37.8% during the 1st quarter. GAMMA Investing LLC now owns 598 shares of the utilities provider’s stock valued at $106,000 after buying an additional 164 shares during the last quarter. Covestor Ltd grew its stake in shares of MYR Group by 23.7% during the 1st quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock worth $122,000 after acquiring an additional 132 shares during the period. RiverPark Advisors LLC increased its holdings in MYR Group by 21.9% in the 2nd 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. Finally, EntryPoint Capital LLC bought a new stake in MYR Group in the 1st quarter valued at about $186,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on MYRG shares. Robert W. Baird cut their target price on shares of MYR Group from $170.00 to $143.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Stifel Nicolaus reduced their price objective 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. The Goldman Sachs Group dropped their target price on MYR Group from $182.00 to $124.00 and set a “buy” rating on the stock in a research report on Thursday, September 19th. Finally, StockNews.com cut MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, September 18th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, MYR Group currently has a consensus rating of “Hold” and a consensus price target of $137.75.

MYR Group Stock Performance

MYR Group stock opened at $104.23 on Friday. MYR Group Inc. has a 1-year low of $86.60 and a 1-year high of $181.02. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $1.75 billion, a PE ratio of 20.20 and a beta of 0.93. The firm’s 50 day simple moving average is $103.05 and its 200 day simple moving average is $136.37.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share for the quarter, missing the consensus estimate of $1.07 by ($1.98). The firm had revenue of $828.89 million during the quarter, compared to the consensus estimate of $876.07 million. MYR Group had a return on equity of 7.65% and a net margin of 1.37%. The company’s revenue for the quarter was down 6.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.33 EPS. As a group, analysts expect that MYR Group Inc. will post 0.91 earnings per share 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.