Seven Eight Capital LP Takes Position in MYR Group Inc. (NASDAQ:MYRG)

Seven Eight Capital LP bought a new position in shares of MYR Group Inc. (NASDAQ:MYRG) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 2,347 shares of the utilities provider’s stock, valued at approximately $415,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Moloney Securities Asset Management LLC grew its stake in shares of MYR Group by 0.9% in the first quarter. Moloney Securities Asset Management LLC now owns 8,155 shares of the utilities provider’s stock worth $1,441,000 after acquiring an additional 75 shares in the last quarter. Mackenzie Financial Corp grew its stake in MYR Group by 3.4% during the 4th quarter. Mackenzie Financial Corp now owns 2,985 shares of the utilities provider’s stock worth $432,000 after purchasing an additional 97 shares in the last quarter. Janney Montgomery Scott LLC increased its holdings in MYR Group by 0.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 21,973 shares of the utilities provider’s stock worth $3,884,000 after purchasing an additional 131 shares during the period. Covestor Ltd raised its position in MYR Group by 23.7% in the 1st quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock valued at $122,000 after purchasing an additional 132 shares in the last quarter. Finally, First National Bank of Hutchinson raised its position in MYR Group by 2.6% in the 1st quarter. First National Bank of Hutchinson now owns 6,231 shares of the utilities provider’s stock valued at $1,101,000 after purchasing an additional 160 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

MYR Group Stock Down 3.9 %

MYRG stock traded down $5.66 during trading on Wednesday, hitting $141.21. 162,958 shares of the company’s stock were exchanged, compared to its average volume of 134,308. The business has a 50-day moving average price of $145.34 and a two-hundred day moving average price of $153.49. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of 28.39 and a beta of 0.99. MYR Group Inc. has a 52-week low of $110.87 and a 52-week high of $181.02.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.10. MYR Group had a net margin of 2.38% and a return on equity of 13.64%. The company had revenue of $815.56 million for the quarter, compared to analysts’ expectations of $854.13 million. During the same quarter last year, the company earned $1.38 earnings per share. The firm’s revenue for the quarter was up .5% on a year-over-year basis. As a group, equities research analysts expect that MYR Group Inc. will post 5.4 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on MYRG shares. Stifel Nicolaus cut their target price on shares of MYR Group from $185.00 to $184.00 and set a “buy” rating on the stock in a research note on Tuesday, April 16th. Robert W. Baird dropped their price objective on shares of MYR Group from $185.00 to $180.00 and set an “outperform” rating on the stock in a research report on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $173.25.

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.