Millburn Ridgefield Corp Takes $130,000 Position in MYR Group Inc. (NASDAQ:MYRG)

Millburn Ridgefield Corp acquired a new stake in shares of MYR Group Inc. (NASDAQ:MYRG) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 1,271 shares of the utilities provider’s stock, valued at approximately $130,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Needham Investment Management LLC purchased a new stake in shares of MYR Group during the third quarter worth about $2,556,000. Jacobs Levy Equity Management Inc. acquired a new stake in MYR Group during the third quarter worth approximately $24,145,000. Janus Henderson Group PLC grew its stake in MYR Group by 2.2% in the 3rd quarter. Janus Henderson Group PLC now owns 28,746 shares of the utilities provider’s stock worth $2,938,000 after acquiring an additional 632 shares during the period. Holocene Advisors LP acquired a new position in MYR Group in the 3rd quarter valued at $2,748,000. Finally, Paloma Partners Management Co lifted its stake in shares of MYR Group by 198.3% during the 3rd quarter. Paloma Partners Management Co now owns 5,965 shares of the utilities provider’s stock worth $610,000 after purchasing an additional 3,965 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MYRG. The Goldman Sachs Group increased their target price on MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Robert W. Baird boosted their price target on MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Finally, StockNews.com upgraded MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, MYR Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $143.75.

MYR Group Stock Up 1.3 %

Shares of MYR Group stock opened at $160.16 on Wednesday. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $181.02. The stock has a market cap of $2.58 billion, a price-to-earnings ratio of 69.94 and a beta of 0.93. 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 company has a fifty day moving average price of $130.01 and a 200 day moving average price of $126.96.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.40. The company had revenue of $888.00 million during the quarter, compared to the consensus estimate of $917.18 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The company’s revenue was down 5.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.28 earnings per share. Equities research analysts forecast that MYR Group Inc. will post 1.16 earnings per share for the current fiscal 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.