Abacus Wealth Partners LLC Buys New Shares in MYR Group, Inc. $MYRG

Abacus Wealth Partners LLC bought a new stake in MYR Group, Inc. (NASDAQ:MYRG) in the fourth quarter, HoldingsChannel reports. The fund bought 4,578 shares of the utilities provider’s stock, valued at approximately $1,000,000.

Other institutional investors have also recently bought and sold shares of the company. Farther Finance Advisors LLC grew its holdings in MYR Group by 212.2% in the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 104 shares during the period. Signaturefd LLC grew its holdings in MYR Group by 65.7% in the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 65 shares during the period. First Horizon Corp purchased a new stake in MYR Group in the third quarter valued at approximately $47,000. USA Financial Formulas purchased a new stake in MYR Group in the fourth quarter valued at approximately $76,000. Finally, Johnson Financial Group Inc. purchased a new stake in MYR Group in the third quarter valued at approximately $74,000. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MYRG has been the subject of a number of recent analyst reports. Stifel Nicolaus set a $503.00 target price on shares of MYR Group in a report on Monday, May 4th. The Goldman Sachs Group boosted their price objective on shares of MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 3rd. Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a research note on Tuesday, April 21st. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Finally, Cantor Fitzgerald boosted their price objective on shares of MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, MYR Group has a consensus rating of “Moderate Buy” and a consensus target price of $328.86.

MYR Group Price Performance

MYRG opened at $467.46 on Friday. The company has a market cap of $7.28 billion, a P/E ratio of 51.54 and a beta of 1.30. The company has a 50 day moving average of $326.13 and a two-hundred day moving average of $269.10. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01. MYR Group, Inc. has a 52-week low of $154.55 and a 52-week high of $479.96.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, beating the consensus estimate of $2.09 by $0.90. The business had revenue of $1 billion during the quarter, compared to the consensus estimate of $932.45 million. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The business’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.45 earnings per share. On average, analysts expect that MYR Group, Inc. will post 10.59 earnings per share for the current year.

MYR Group Company 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.