California State Teachers Retirement System Has $4.51 Billion Stock Holdings in MYR Group, Inc. $MYRG

California State Teachers Retirement System raised its holdings in MYR Group, Inc. (NASDAQ:MYRG) by 49,257.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,012,704 shares of the utilities provider’s stock after buying an additional 8,994,444 shares during the period. California State Teachers Retirement System owned about 0.58% of MYR Group worth $4,509,957,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of MYR Group during the second quarter worth about $1,232,294,000. Wellington Management Group LLP lifted its position in MYR Group by 63.5% in the 4th quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock valued at $223,153,000 after acquiring an additional 396,502 shares in the last quarter. Bank of America Corp DE bought a new position in MYR Group in the 2nd quarter valued at about $61,365,000. Bank of New York Mellon Corp acquired a new position in MYR Group during the 2nd quarter valued at about $53,361,000. Finally, Neumeier Poma Investment Counsel LLC acquired a new position in MYR Group during the 2nd quarter valued at about $50,008,475. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

MYRG has been the subject of a number of recent research reports. Wall Street Zen lowered MYR Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 29th. Robert W. Baird set a $375.00 target price on MYR Group in a report on Thursday, July 30th. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. Oppenheimer reiterated a “market perform” rating on shares of MYR Group in a report on Thursday, June 11th. Finally, The Goldman Sachs Group dropped their price objective on MYR Group from $469.00 to $422.00 and set a “neutral” rating on the stock in a research note on Thursday, August 13th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, MYR Group currently has a consensus rating of “Moderate Buy” and an average target price of $451.20.

MYR Group Stock Performance

Shares of MYRG opened at $286.84 on Thursday. The stock has a 50 day moving average of $349.64 and a 200 day moving average of $361.25. The company has a market capitalization of $4.47 billion, a price-to-earnings ratio of 27.21 and a beta of 1.31. MYR Group, Inc. has a 12 month low of $171.51 and a 12 month high of $503.57. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, topping the consensus estimate of $2.62 by $0.55. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $995.74 million. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The business’s revenue was up 20.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.70 earnings per share. As a group, sell-side analysts forecast that MYR Group, Inc. will post 12.43 earnings per share for the current year.

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.