Texas Permanent School Fund Corp Increases Position in MYR Group, Inc. $MYRG

Texas Permanent School Fund Corp raised its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG) by 34.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 17,546 shares of the utilities provider’s stock after purchasing an additional 4,486 shares during the period. Texas Permanent School Fund Corp owned 0.11% of MYR Group worth $3,184,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Maseco LLP bought a new stake in shares of MYR Group in the 2nd quarter worth approximately $28,000. Quarry LP raised its stake in MYR Group by 190.4% during the first quarter. Quarry LP now owns 273 shares of the utilities provider’s stock valued at $31,000 after buying an additional 179 shares during the last quarter. MAI Capital Management boosted its holdings in MYR Group by 44.8% in the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 56 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of MYR Group in the second quarter worth $34,000. Finally, Elevation Point Wealth Partners LLC purchased a new stake in shares of MYR Group in the second quarter worth $34,000. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

MYR Group Stock Performance

Shares of MYRG stock opened at $221.15 on Friday. The firm has a market capitalization of $3.43 billion, a PE ratio of 35.73 and a beta of 1.20. The company has a 50 day moving average price of $219.72 and a 200-day moving average price of $196.53. MYR Group, Inc. has a 52 week low of $97.72 and a 52 week high of $241.13. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.11.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.23. The company had revenue of $950.40 million for the quarter, compared to analysts’ expectations of $931.72 million. MYR Group had a net margin of 2.78% and a return on equity of 16.65%. The firm’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter last year, the company posted $0.65 earnings per share. As a group, equities research analysts expect that MYR Group, Inc. will post 1.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

MYRG has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MYR Group in a research report on Monday. The Goldman Sachs Group lifted their target price on shares of MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a report on Friday, November 14th. KeyCorp reiterated a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. Stifel Nicolaus boosted their price objective on shares of MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a report on Thursday, October 9th. Finally, Wall Street Zen cut MYR Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 13th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $201.67.

Insider Buying and Selling

In other MYR Group news, COO Don A. Egan sold 2,900 shares of the stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total value of $676,860.00. Following the transaction, the chief operating officer owned 5,797 shares of the company’s stock, valued at approximately $1,353,019.80. This represents a 33.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.80% of the company’s stock.

MYR Group Company Profile

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.