Los Angeles Capital Management LLC Makes New Investment in MYR Group, Inc. $MYRG

Los Angeles Capital Management LLC bought a new position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 8,030 shares of the utilities provider's stock, valued at approximately $1,457,000. Los Angeles Capital Management LLC owned approximately 0.05% of MYR Group as of its most recent filing with the SEC.

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Other large investors have also made changes to their positions in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of MYR Group in the second quarter valued at about $34,000. Bank of New York Mellon Corp increased its holdings in MYR Group by 97.4% in the second quarter. Bank of New York Mellon Corp now owns 350,478 shares of the utilities provider's stock valued at $63,594,000 after buying an additional 172,962 shares in the last quarter. Bank of Montreal Can lifted its position in shares of MYR Group by 1.4% during the 2nd quarter. Bank of Montreal Can now owns 4,087 shares of the utilities provider's stock valued at $742,000 after acquiring an additional 56 shares during the period. Wakefield Asset Management LLLP purchased a new stake in shares of MYR Group during the 2nd quarter worth approximately $1,232,000. Finally, Versor Investments LP acquired a new stake in shares of MYR Group in the 2nd quarter worth approximately $308,000. Hedge funds and other institutional investors own 88.90% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on MYRG. Jefferies Financial Group assumed coverage on MYR Group in a report on Friday, August 15th. They set a "hold" rating and a $202.00 price objective for the company. KeyCorp reaffirmed a "sector weight" rating on shares of MYR Group in a research note on Wednesday, October 1st. Stifel Nicolaus increased their price objective on shares of MYR Group from $210.00 to $226.00 and gave the company a "buy" rating in a research note on Thursday, October 9th. Wall Street Zen cut shares of MYR Group from a "strong-buy" rating to a "buy" rating in a research report on Sunday. Finally, The Goldman Sachs Group increased their price target on shares of MYR Group from $168.00 to $205.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $194.50.

Read Our Latest Research Report on MYR Group

MYR Group Trading Up 0.6%

MYR Group stock opened at $233.58 on Wednesday. The stock has a market cap of $3.63 billion, a PE ratio of 37.74 and a beta of 1.24. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.14. The stock has a 50-day moving average price of $202.00 and a 200 day moving average price of $184.01. MYR Group, Inc. has a 52 week low of $97.72 and a 52 week high of $241.13.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings results on Wednesday, October 29th. The utilities provider reported $2.05 EPS for the quarter, topping analysts' consensus estimates of $1.82 by $0.23. The business had revenue of $950.40 million during the quarter, compared to the consensus estimate of $931.72 million. MYR Group had a net margin of 2.78% and a return on equity of 16.94%. The company's quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.65 earnings per share. Equities research analysts predict that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In other MYR Group news, COO Don A. Egan sold 2,900 shares of MYR Group stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total value of $676,860.00. Following the completion of the sale, the chief operating officer directly owned 5,797 shares of the company's stock, valued at approximately $1,353,019.80. The trade was a 33.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.80% of the company's stock.

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.

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