Paloma Partners Management Co Acquires 3,965 Shares of MYR Group Inc. (NASDAQ:MYRG)

Paloma Partners Management Co raised its holdings in MYR Group Inc. (NASDAQ:MYRG) by 198.3% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,965 shares of the utilities provider’s stock after acquiring an additional 3,965 shares during the quarter. Paloma Partners Management Co’s holdings in MYR Group were worth $610,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. State of New Jersey Common Pension Fund D grew its holdings in shares of MYR Group by 66.5% in the third quarter. State of New Jersey Common Pension Fund D now owns 19,161 shares of the utilities provider’s stock worth $1,959,000 after purchasing an additional 7,655 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in MYR Group in the 2nd quarter worth about $5,163,000. Fisher Asset Management LLC increased its position in shares of MYR Group by 11.1% during the third quarter. Fisher Asset Management LLC now owns 37,752 shares of the utilities provider’s stock worth $3,859,000 after acquiring an additional 3,759 shares during the period. US Bancorp DE raised its stake in shares of 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 acquiring an additional 5,185 shares in the last quarter. Finally, Walleye Capital LLC raised its stake in shares of MYR Group by 422.6% during the third quarter. Walleye Capital LLC now owns 43,985 shares of the utilities provider’s stock valued at $4,497,000 after acquiring an additional 35,569 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Trading Up 1.3 %

MYRG opened at $160.16 on Wednesday. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of 69.94 and a beta of 0.93. MYR Group Inc. has a 12 month low of $86.60 and a 12 month high of $181.02. The stock has a fifty day moving average price of $128.78 and a 200-day moving average price of $126.92.

MYR Group (NASDAQ:MYRG) last announced its 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. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The business had revenue of $888.00 million during the quarter, compared to the consensus estimate of $917.18 million. During the same period in the previous year, the company posted $1.28 earnings per share. The firm’s revenue was down 5.5% on a year-over-year basis. As a group, equities research analysts anticipate that MYR Group Inc. will post 1.16 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on MYRG shares. The Goldman Sachs Group raised their price objective on MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a report on Monday, November 4th. StockNews.com upgraded MYR Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. Finally, Robert W. Baird upped their price objective on shares of MYR Group from $131.00 to $138.00 and gave the stock 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 issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target 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.