Swiss Life Asset Management Ltd bought a new stake in MYR Group, Inc. (NASDAQ:MYRG – Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 1,540 shares of the utilities provider’s stock, valued at approximately $336,000.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its position in MYR Group by 20.8% during the first quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock worth $1,447,000 after buying an additional 2,205 shares during the period. AQR Capital Management LLC lifted its position in MYR Group by 124.5% during the first quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider’s stock worth $1,232,000 after buying an additional 6,044 shares during the period. Goldman Sachs Group Inc. lifted its position in MYR Group by 0.7% during the first quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock worth $22,998,000 after buying an additional 1,437 shares during the period. Cetera Investment Advisers purchased a new position in MYR Group during the second quarter worth about $221,000. Finally, Invesco Ltd. lifted its position in MYR Group by 26.9% during the second quarter. Invesco Ltd. now owns 153,512 shares of the utilities provider’s stock worth $27,855,000 after buying an additional 32,544 shares during the period. 88.90% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several equities analysts recently weighed in on the company. Cantor Fitzgerald increased their target price on MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a research report on Tuesday, April 21st. Stifel Nicolaus set a $503.00 target price on MYR Group in a research report on Monday, May 4th. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Finally, The Goldman Sachs Group upped their price target on MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 3rd. 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 MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $328.86.
MYR Group Price Performance
MYRG stock opened at $449.98 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31. MYR Group, Inc. has a 1 year low of $154.55 and a 1 year high of $480.00. The firm has a market cap of $7.01 billion, a P/E ratio of 49.61 and a beta of 1.30. The stock has a 50-day simple moving average of $329.76 and a 200-day simple moving average of $271.08.
MYR Group (NASDAQ:MYRG – Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, beating analysts’ consensus estimates of $2.09 by $0.90. The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $932.45 million. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.MYR Group’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.45 earnings per share. On average, equities analysts predict that MYR Group, Inc. will post 10.59 earnings per share for the current fiscal year.
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.
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