Assenagon Asset Management S.A. lowered its position in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 57.9% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 78,197 shares of the utilities provider's stock after selling 107,447 shares during the quarter. Assenagon Asset Management S.A. owned about 0.49% of MYR Group worth $11,633,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Tidal Investments LLC raised its holdings in MYR Group by 2.0% in the third quarter. Tidal Investments LLC now owns 4,286 shares of the utilities provider's stock valued at $438,000 after acquiring an additional 83 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of MYR Group by 27.0% in the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider's stock valued at $83,000 after purchasing an additional 118 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its position in shares of MYR Group by 0.6% during the second quarter. Mercer Global Advisors Inc. ADV now owns 28,000 shares of the utilities provider's stock worth $3,800,000 after purchasing an additional 160 shares during the last quarter. Encompass Capital Advisors LLC increased its holdings in shares of MYR Group by 1.2% in the 2nd quarter. Encompass Capital Advisors LLC now owns 48,187 shares of the utilities provider's stock valued at $6,539,000 after acquiring an additional 554 shares during the last quarter. Finally, Inspire Investing LLC raised its position in shares of MYR Group by 27.9% during the 2nd quarter. Inspire Investing LLC now owns 2,590 shares of the utilities provider's stock valued at $351,000 after acquiring an additional 565 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have commented on the stock. StockNews.com raised shares of MYR Group from a "sell" rating to a "hold" rating in a report on Monday, November 4th. Stifel Nicolaus lifted their price target on shares of MYR Group from $153.00 to $172.00 and gave the company a "buy" rating in a report on Wednesday, December 11th. Robert W. Baird boosted their price objective on shares of MYR Group from $131.00 to $138.00 and gave the company an "outperform" rating in a research report on Thursday, October 31st. Finally, The Goldman Sachs Group raised their target price on shares of MYR Group from $124.00 to $153.00 and gave the stock a "buy" rating in a report on Monday, November 4th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $157.00.
Read Our Latest Stock Analysis on MYR Group
MYR Group Stock Performance
MYR Group stock traded down $0.15 during mid-day trading on Friday, hitting $147.72. 122,841 shares of the company's stock traded hands, compared to its average volume of 156,144. MYR Group Inc. has a one year low of $86.60 and a one year high of $181.02. The company has a market cap of $2.38 billion, a PE ratio of 64.51 and a beta of 0.96. The firm has a 50 day moving average price of $153.08 and a 200 day moving average price of $128.65. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15.
MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 EPS for the quarter, topping analysts' consensus estimates of $0.25 by $0.40. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The company had revenue of $888.00 million for the quarter, compared to the consensus estimate of $917.18 million. During the same period in the previous year, the firm earned $1.28 EPS. MYR Group's revenue was down 5.5% on a year-over-year basis. On average, equities analysts forecast that MYR Group Inc. will post 1.16 EPS for the current year.
About MYR Group
(
Free Report)
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.
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