Walleye Capital LLC Buys 35,569 Shares of MYR Group Inc. (NASDAQ:MYRG)

Walleye Capital LLC lifted its position in MYR Group Inc. (NASDAQ:MYRG) by 422.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 43,985 shares of the utilities provider’s stock after acquiring an additional 35,569 shares during the period. Walleye Capital LLC owned 0.27% of MYR Group worth $4,497,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in MYR Group by 132.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,936 shares of the utilities provider’s stock valued at $2,140,000 after acquiring an additional 11,946 shares in the last quarter. FORA Capital LLC purchased a new position in shares of MYR Group in the third quarter worth $417,000. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of MYR Group by 140.0% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 19,200 shares of the utilities provider’s stock valued at $1,963,000 after purchasing an additional 11,200 shares in the last quarter. BNP Paribas Financial Markets boosted its position in shares of MYR Group by 586.2% during the third quarter. BNP Paribas Financial Markets now owns 70,335 shares of the utilities provider’s stock valued at $7,190,000 after buying an additional 60,085 shares during the last quarter. Finally, FMR LLC increased its holdings in MYR Group by 90.2% in the 3rd quarter. FMR LLC now owns 2,336 shares of the utilities provider’s stock worth $239,000 after buying an additional 1,108 shares in the last quarter. Institutional investors own 88.90% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on MYRG. Robert W. Baird upped their target price on shares of MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. The Goldman Sachs Group raised their target price on shares of MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a report on Monday, November 4th. StockNews.com upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. Finally, Stifel Nicolaus dropped their price target on MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, MYR Group currently has a consensus rating of “Moderate Buy” and an average price target of $143.75.

MYR Group Stock Up 0.1 %

Shares of MYRG stock opened at $157.90 on Monday. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. MYR Group Inc. has a 12 month low of $86.60 and a 12 month high of $181.02. The stock has a market cap of $2.55 billion, a P/E ratio of 68.95 and a beta of 0.89. The company has a 50 day simple moving average of $127.61 and a two-hundred day simple moving average of $127.07.

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