Teton Advisors LLC Acquires New Holdings in MYR Group, Inc. $MYRG

Teton Advisors LLC bought a new position in shares of MYR Group, Inc. (NASDAQ:MYRG) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm bought 6,000 shares of the utilities provider’s stock, valued at approximately $1,248,000.

Other institutional investors have also recently bought and sold shares of the company. Salomon & Ludwin LLC bought a new stake in shares of MYR Group during the third quarter worth $34,000. MAI Capital Management lifted its position in MYR Group by 44.8% in the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 56 shares in the last quarter. Elevation Point Wealth Partners LLC bought a new stake in MYR Group in the 2nd quarter valued at $34,000. First Horizon Corp bought a new stake in MYR Group in the 3rd quarter valued at $47,000. Finally, Smartleaf Asset Management LLC lifted its position in MYR Group by 12.7% in the 3rd quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider’s stock valued at $86,000 after acquiring an additional 47 shares in the last quarter. Institutional investors own 88.90% of the company’s stock.

MYR Group Trading Down 2.8%

Shares of NASDAQ:MYRG opened at $260.90 on Friday. The company’s 50-day moving average price is $253.29 and its two-hundred day moving average price is $223.08. MYR Group, Inc. has a one year low of $97.72 and a one year high of $290.87. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.33 and a quick ratio of 1.33. The stock has a market capitalization of $4.05 billion, a PE ratio of 34.65 and a beta of 1.15.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.60. The company had revenue of $973.54 million during the quarter, compared to analysts’ expectations of $897.73 million. MYR Group had a return on equity of 19.66% and a net margin of 3.24%.MYR Group’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.99 EPS. On average, equities analysts forecast that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on MYRG shares. The Goldman Sachs Group increased their target price on MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a report on Tuesday. Cantor Fitzgerald boosted their price target on MYR Group from $285.00 to $311.00 and gave the company an “overweight” rating in a report on Monday, March 2nd. Stifel Nicolaus upped their price objective on MYR Group from $262.00 to $305.00 and gave the stock a “buy” rating in a research report on Tuesday. Clear Str upgraded MYR Group to a “strong-buy” rating in a report on Monday, December 15th. Finally, Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $235.43.

About MYR Group

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.