Hillsdale Investment Management Inc. purchased a new stake in shares of MYR Group Inc (NASDAQ:MYRG) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 2,900 shares of the utilities provider’s stock, valued at approximately $108,000.

Other large investors have also made changes to their positions in the company. Marshall Wace LLP purchased a new stake in MYR Group during the first quarter valued at $1,973,000. BNP Paribas Arbitrage SA increased its position in MYR Group by 698.1% in the first quarter. BNP Paribas Arbitrage SA now owns 3,360 shares of the utilities provider’s stock worth $116,000 after buying an additional 2,939 shares in the last quarter. Bowling Portfolio Management LLC purchased a new stake in MYR Group in the second quarter worth about $203,000. Comerica Bank increased its position in MYR Group by 2.3% in the first quarter. Comerica Bank now owns 16,359 shares of the utilities provider’s stock worth $594,000 after buying an additional 363 shares in the last quarter. Finally, Bank of America Corp DE increased its position in MYR Group by 21.5% in the fourth quarter. Bank of America Corp DE now owns 95,877 shares of the utilities provider’s stock worth $2,701,000 after buying an additional 16,994 shares in the last quarter. 92.66% of the stock is currently owned by hedge funds and other institutional investors.

A number of analysts have commented on MYRG shares. Stifel Nicolaus upgraded MYR Group from a “hold” rating to a “buy” rating and upped their price target for the stock from $32.00 to $39.00 in a research report on Thursday, May 16th. BidaskClub cut MYR Group from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. B. Riley reduced their price target on MYR Group from $39.00 to $34.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. ValuEngine cut MYR Group from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Finally, Zacks Investment Research cut MYR Group from a “buy” rating to a “hold” rating in a research report on Friday, July 26th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $37.00.

Shares of NASDAQ:MYRG traded up $0.37 during trading on Wednesday, hitting $28.64. 4,419 shares of the company’s stock were exchanged, compared to its average volume of 74,781. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.69 and a quick ratio of 1.69. MYR Group Inc has a 52-week low of $26.24 and a 52-week high of $38.14. The business’s 50-day simple moving average is $33.83 and its 200 day simple moving average is $34.26. The company has a market cap of $473.09 million, a price-to-earnings ratio of 15.32 and a beta of 0.78.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, July 31st. The utilities provider reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.17). MYR Group had a return on equity of 10.15% and a net margin of 1.88%. The business had revenue of $448.80 million for the quarter, compared to analysts’ expectations of $445.20 million. During the same quarter in the prior year, the business posted $0.41 EPS. The business’s revenue for the quarter was up 32.1% compared to the same quarter last year. On average, sell-side analysts anticipate that MYR Group Inc will post 2.17 EPS for the current fiscal year.

MYR Group 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.

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Institutional Ownership by Quarter for MYR Group (NASDAQ:MYRG)

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