Aigen Investment Management LP Makes New $334,000 Investment in MYR Group Inc. (NASDAQ:MYRG)

Aigen Investment Management LP bought a new position in shares of MYR Group Inc. (NASDAQ:MYRG) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,267 shares of the utilities provider’s stock, valued at approximately $334,000.

Other institutional investors have also modified their holdings of the company. Covestor Ltd grew its stake in shares of 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 buying an additional 132 shares in the last quarter. EntryPoint Capital LLC purchased a new position in MYR Group in the first quarter valued at $186,000. RiverPark Advisors LLC boosted its holdings in MYR Group by 21.9% in the second quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider’s stock valued at $148,000 after purchasing an additional 196 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in MYR Group in the third quarter valued at $116,000. Finally, SG Americas Securities LLC purchased a new position in MYR Group in the first quarter valued at $208,000. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Stock Performance

Shares of MYRG stock opened at $146.81 on Friday. The stock has a market capitalization of $2.37 billion, a PE ratio of 64.11 and a beta of 0.89. MYR Group Inc. has a 52-week low of $86.60 and a 52-week high of $181.02. The stock’s 50-day moving average price is $116.51 and its 200 day moving average price is $127.50. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.40. The firm had revenue of $888.00 million for the quarter, compared to analysts’ expectations of $917.18 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The firm’s revenue for the quarter was down 5.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.28 EPS. As a group, equities research analysts forecast that MYR Group Inc. will post 1.16 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. The Goldman Sachs Group lifted their target price on MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a report on Monday, November 4th. Stifel Nicolaus cut their target price on MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Robert W. Baird lifted their target price on MYR Group from $131.00 to $138.00 and gave the stock 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 research report on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, MYR Group has an average rating of “Moderate Buy” and a consensus target price of $143.75.

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.