Walleye Capital LLC Purchases 35,569 Shares of MYR Group Inc. (NASDAQ:MYRG)

Walleye Capital LLC grew its position in shares of MYR Group Inc. (NASDAQ:MYRG) by 422.6% in the third quarter, Holdings Channel reports. The fund owned 43,985 shares of the utilities provider’s stock after buying an additional 35,569 shares during the quarter. Walleye Capital LLC’s holdings in MYR Group were worth $4,497,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of MYRG. Louisiana State Employees Retirement System lifted its position in MYR Group by 1.2% during the second quarter. Louisiana State Employees Retirement System now owns 8,400 shares of the utilities provider’s stock valued at $1,140,000 after purchasing an additional 100 shares during the last quarter. Mercer Global Advisors Inc. ADV lifted its holdings in shares of MYR Group by 0.6% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 28,000 shares of the utilities provider’s stock valued at $3,800,000 after acquiring an additional 160 shares during the last quarter. Linden Thomas Advisory Services LLC lifted its holdings in shares of MYR Group by 1.7% in the 2nd quarter. Linden Thomas Advisory Services LLC now owns 11,252 shares of the utilities provider’s stock valued at $1,527,000 after acquiring an additional 193 shares during the last quarter. RiverPark Advisors LLC grew its position in MYR Group by 21.9% in 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 in the last quarter. Finally, TD Asset Management Inc increased its stake in MYR Group by 10.4% during the second quarter. TD Asset Management Inc now owns 5,300 shares of the utilities provider’s stock worth $719,000 after acquiring an additional 500 shares during the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MYRG has been the subject of a number of recent research reports. StockNews.com upgraded MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. The Goldman Sachs Group lifted their price objective 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. Robert W. Baird raised their target price on shares of MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Finally, 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. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $143.75.

MYR Group Stock Performance

Shares of MYR Group stock opened at $157.90 on Monday. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. The stock’s fifty day moving average is $127.61 and its two-hundred day moving average is $127.07. MYR Group Inc. has a 52 week low of $86.60 and a 52 week high of $181.02. The company has a market capitalization of $2.55 billion, a PE ratio of 68.95 and a beta of 0.89.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.40. The firm had revenue of $888.00 million for 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 business’s revenue for the quarter was down 5.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.28 earnings per share. As a group, analysts expect that MYR Group Inc. will post 1.16 earnings per share for the current year.

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.