Aigen Investment Management LP Acquires New Shares in MYR Group Inc. (NASDAQ:MYRG)

Aigen Investment Management LP acquired a new stake in MYR Group Inc. (NASDAQ:MYRG) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 3,267 shares of the utilities provider’s stock, valued at approximately $334,000.

Several other hedge funds have also recently bought and sold shares of the company. DekaBank Deutsche Girozentrale acquired a new stake in MYR Group during the 3rd quarter valued at $116,000. Covestor Ltd boosted its holdings in shares of MYR Group by 23.7% during the first quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock worth $122,000 after purchasing an additional 132 shares during the last quarter. RiverPark Advisors LLC boosted its holdings in shares of 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 purchasing an additional 196 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in shares of MYR Group during the first quarter worth $186,000. Finally, SG Americas Securities LLC acquired a new stake in shares of MYR Group during the first quarter worth $208,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Trading Down 2.3 %

NASDAQ:MYRG opened at $146.81 on Friday. MYR Group Inc. has a 12 month low of $86.60 and a 12 month high of $181.02. The firm has a market capitalization of $2.37 billion, a PE ratio of 64.11 and a beta of 0.89. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. The business’s 50-day moving average is $116.51 and its two-hundred day moving average is $127.50.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.40. The business had revenue of $888.00 million for the quarter, compared to analyst estimates of $917.18 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The company’s revenue for the quarter was down 5.5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.28 earnings per share. Research analysts predict that MYR Group Inc. will post 1.16 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. The Goldman Sachs Group increased their target price on MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Stifel Nicolaus cut their target price on MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Robert W. Baird increased their target price on MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, StockNews.com raised MYR Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target 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.