Bessemer Group Inc. Buys 4,950 Shares of MYR Group Inc. (NASDAQ:MYRG)

Bessemer Group Inc. lifted its stake in MYR Group Inc. (NASDAQ:MYRG) by 7.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 74,197 shares of the utilities provider’s stock after purchasing an additional 4,950 shares during the quarter. Bessemer Group Inc. owned about 0.44% of MYR Group worth $13,114,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Daiwa Securities Group Inc. bought a new position in MYR Group in the 4th quarter valued at approximately $29,000. Fidelis Capital Partners LLC bought a new position in MYR Group in the 1st quarter valued at approximately $48,000. Quest Partners LLC bought a new position in MYR Group in the 4th quarter valued at approximately $60,000. GAMMA Investing LLC bought a new position in MYR Group in the 4th quarter valued at approximately $62,000. Finally, Covestor Ltd lifted its position in MYR Group by 23.7% in the 1st quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock valued at $122,000 after acquiring an additional 132 shares in the last quarter. 88.90% of the stock is owned by institutional investors.

MYR Group Stock Performance

MYRG traded up $2.95 during mid-day trading on Thursday, reaching $144.16. 37,421 shares of the company traded hands, compared to its average volume of 133,537. The stock has a market capitalization of $2.42 billion, a P/E ratio of 27.37 and a beta of 0.99. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.05. The company’s fifty day moving average price is $145.07 and its 200-day moving average price is $153.41. MYR Group Inc. has a 52-week low of $110.87 and a 52-week high of $181.02.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, May 1st. The utilities provider reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.10. The business had revenue of $815.56 million during the quarter, compared to analyst estimates of $854.13 million. MYR Group had a net margin of 2.38% and a return on equity of 13.64%. The company’s quarterly revenue was up .5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.38 EPS. On average, sell-side analysts expect that MYR Group Inc. will post 5.4 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Stifel Nicolaus lowered their price objective on MYR Group from $185.00 to $184.00 and set a “buy” rating on the stock in a research report on Tuesday, April 16th. Robert W. Baird lowered their price objective on MYR Group from $185.00 to $180.00 and set an “outperform” rating on the stock in a research report on Thursday, May 2nd. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $173.25.

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; 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.