Morgan Dempsey Capital Management LLC Boosts Holdings in MYR Group, Inc. $MYRG

Morgan Dempsey Capital Management LLC increased its holdings in MYR Group, Inc. (NASDAQ:MYRG) by 31.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,218 shares of the utilities provider’s stock after purchasing an additional 289 shares during the period. Morgan Dempsey Capital Management LLC’s holdings in MYR Group were worth $221,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Maseco LLP bought a new position in shares of MYR Group during the 2nd quarter valued at approximately $28,000. Quarry LP lifted its position in MYR Group by 190.4% during the first quarter. Quarry LP now owns 273 shares of the utilities provider’s stock valued at $31,000 after purchasing an additional 179 shares during the last quarter. UMB Bank n.a. lifted its position in MYR Group by 266.0% during the second quarter. UMB Bank n.a. now owns 194 shares of the utilities provider’s stock valued at $35,000 after purchasing an additional 141 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its stake in shares of MYR Group by 92.7% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider’s stock worth $39,000 after buying an additional 165 shares in the last quarter. Finally, ANTIPODES PARTNERS Ltd grew its stake in shares of MYR Group by 16.3% in the 1st quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider’s stock worth $81,000 after buying an additional 101 shares in the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on MYRG. Wall Street Zen cut shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Friday, October 3rd. KeyCorp reissued a “sector weight” rating on shares of MYR Group in a research note on Wednesday, October 1st. Stifel Nicolaus lifted their price objective on shares of MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a research note on Thursday, October 9th. Jefferies Financial Group began coverage on MYR Group in a research report on Friday, August 15th. They set a “hold” rating and a $202.00 target price on the stock. Finally, The Goldman Sachs Group boosted their target price on MYR Group from $168.00 to $205.00 and gave the company a “neutral” rating in a research report on Thursday, August 7th. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $194.50.

MYR Group Stock Performance

Shares of MYR Group stock opened at $208.02 on Friday. The stock’s fifty day moving average is $189.70 and its two-hundred day moving average is $170.12. The company has a market capitalization of $3.23 billion, a PE ratio of 43.43 and a beta of 1.19. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14. MYR Group, Inc. has a 52 week low of $97.72 and a 52 week high of $220.01.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $1.70 EPS for the quarter, beating the consensus estimate of $1.56 by $0.14. The company had revenue of $900.33 million for the quarter, compared to the consensus estimate of $828.20 million. MYR Group had a return on equity of 13.16% and a net margin of 2.21%.MYR Group’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.91) EPS. As a group, analysts expect that MYR Group, Inc. will post 1.16 earnings per share for the current year.

MYR Group Company 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.