GAMMA Investing LLC Reduces MYR Group Inc Share Holdings. (NASDAQ:MYRG)

GAMMA Investing LLC reduced its holdings in shares of MYR Group Inc. (NASDAQ:MYRG – Free Report) by 18.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 487 shares of the utilities provider’s stock after selling 111 shares during the quarter. GAMMA Investing LLC’s holdings in MYR Group were worth $66,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of MYRG. Daiwa Securities Group Inc. bought a new stake in shares of MYR Group in the 4th quarter valued at $29,000. Fidelis Capital Partners LLC bought a new stake in shares of MYR Group in the 1st quarter worth approximately $48,000. Quest Partners LLC acquired a new position in MYR Group in the fourth quarter valued at approximately $60,000. Covestor Ltd raised its holdings in MYR Group by 23.7% in the first quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock valued at $122,000 after purchasing an additional 132 shares during the period. Finally, RiverPark Advisors LLC increased its position in MYR Group by 360.3% in the first quarter. RiverPark Advisors LLC now owns 893 shares of the utilities provider’s stock worth $158,000 after purchasing an additional 699 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s shares.

Analysts set new price targets

A number of brokerages have recently commented on MYRG. Stifel Nicolaus decreased their price target on MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research report on Monday. Robert W. Baird cut their price target on shares of MYR Group from $170.00 to $143.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $147.75, according to MarketBeat.com.

Read MYR Group’s latest stock report

MYR Group stocks up 4.1%

Shares of NASDAQ MYRG opened at $103.68 on Friday. The company has a quick ratio of 1.40, a current ratio of 1.36, and a debt-to-equity ratio of 0.06. The company has a market cap of $1.74 billion, a P/E ratio of 20.09 and a beta of 0.99. MYR Group Inc. it has a 52-week low of $92.48 and a 52-week high of $181.02. The company has a 50 day simple moving average of $137.09 and a two hundred day simple moving average of $151.84.

MYR Group (NASDAQ:MYRG – Get Your Free Report ) last released its quarterly earnings data on Wednesday, July 31st. The utilities provider reported ($0.91) EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($1.98). The firm had revenue of $828.89 million during the quarter, compared to the consensus estimate of $876.07 million. MYR Group had a net margin of 1.37% and a return on equity of 7.65%. MYR Group’s revenue was down 6.7% compared to the same quarter last year. In the same quarter last year, the company posted earnings of $1.33 per share. Research analysts anticipate that MYR Group Inc. will post 5.4 earnings per share for the current fiscal year.

About MYR Group

(Free Report)

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transportation and Distribution and Commercial and Industrial. The Transmission and Distribution segment provides a wide range of services related to electric transmission and distribution networks and substation facilities, including design, engineering, procurement, construction, upgrading, maintenance and repair services, with a primary focus on construction, maintenance and repair for customers in the electric utility industry; and services, including construction and maintenance of high-voltage transmission lines, substations and low-voltage underground and overhead distribution systems, clean energy projects and electric vehicle charging infrastructure services, and emergency restoration services as response to hurricane, fire, ice, or other related damage.

Further reading

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