RiverFront Investment Group LLC purchased a new position in MYR Group, Inc. (NASDAQ:MYRG – Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,459 shares of the utilities provider’s stock, valued at approximately $319,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Abacus Wealth Partners LLC bought a new position in MYR Group in the 4th quarter worth about $1,000,000. Oregon Public Employees Retirement Fund grew its holdings in shares of MYR Group by 2.7% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,559 shares of the utilities provider’s stock worth $778,000 after purchasing an additional 95 shares in the last quarter. Swiss Life Asset Management Ltd purchased a new position in shares of MYR Group during the fourth quarter worth about $336,000. Ethic Inc. increased its position in shares of MYR Group by 79.8% in the fourth quarter. Ethic Inc. now owns 2,862 shares of the utilities provider’s stock worth $625,000 after purchasing an additional 1,270 shares during the last quarter. Finally, Swedbank AB raised its stake in MYR Group by 20.4% in the fourth quarter. Swedbank AB now owns 37,200 shares of the utilities provider’s stock valued at $8,128,000 after purchasing an additional 6,300 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.
Analyst Ratings Changes
MYRG has been the topic of a number of research analyst reports. Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a report on Monday, May 4th. The Goldman Sachs Group upped their target price on shares of MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 3rd. Cantor Fitzgerald lifted their price target on MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. Finally, Robert W. Baird set a $373.00 target price on MYR Group in a research note on Thursday, April 30th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $328.86.
MYR Group Trading Down 2.1%
Shares of MYRG stock opened at $440.68 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.31 and a quick ratio of 1.31. The business has a 50-day moving average of $333.35 and a 200 day moving average of $272.59. The stock has a market capitalization of $6.86 billion, a PE ratio of 48.59 and a beta of 1.30. MYR Group, Inc. has a 1-year low of $154.55 and a 1-year high of $480.00.
MYR Group (NASDAQ:MYRG – Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, beating analysts’ consensus estimates of $2.09 by $0.90. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The firm had revenue of $1 billion during the quarter, compared to analyst estimates of $932.45 million. During the same quarter in the prior year, the firm posted $1.45 earnings per share. The business’s quarterly revenue was up 20.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that MYR Group, Inc. will post 10.59 earnings per share for the current year.
About MYR Group
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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