MYR Group, Inc. $MYRG Shares Purchased by Tidal Investments LLC

Tidal Investments LLC grew its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG) by 199.1% in the 2nd quarter, Holdings Channel reports. The fund owned 47,524 shares of the utilities provider’s stock after acquiring an additional 31,636 shares during the period. Tidal Investments LLC’s holdings in MYR Group were worth $23,781,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Kilter Group LLC acquired a new stake in MYR Group during the 2nd quarter valued at approximately $25,000. Global Retirement Partners LLC acquired a new position in shares of MYR Group in the 2nd quarter valued at approximately $30,000. Carolina Wealth Advisors LLC acquired a new position in shares of MYR Group in the 2nd quarter valued at approximately $30,000. Allworth Financial LP acquired a new position in shares of MYR Group in the 2nd quarter valued at approximately $40,000. Finally, Fiduciary Financial Advisors purchased a new position in shares of MYR Group during the 2nd quarter valued at approximately $51,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Down 0.8%

MYRG stock opened at $284.47 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40. MYR Group, Inc. has a 1-year low of $171.51 and a 1-year high of $503.57. The firm has a fifty day moving average price of $346.66 and a two-hundred day moving average price of $361.28. The firm has a market cap of $4.43 billion, a price-to-earnings ratio of 26.99 and a beta of 1.31.

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

Analysts Set New Price Targets

MYRG has been the subject of a number of recent analyst reports. Wall Street Zen lowered shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 29th. Robert W. Baird set a $375.00 price objective on shares of MYR Group in a research note on Thursday, July 30th. The Goldman Sachs Group decreased their price objective on shares of MYR Group from $469.00 to $422.00 and set a “neutral” rating for the company in a report on Thursday, August 13th. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. Finally, Weiss Ratings lowered shares of MYR Group from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, September 2nd. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $451.20.

MYR Group 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.