Charles Schwab Investment Management Inc. Boosts Stake in MYR Group Inc. (NASDAQ:MYRG)

Charles Schwab Investment Management Inc. lifted its position in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 8.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 233,055 shares of the utilities provider's stock after purchasing an additional 17,580 shares during the period. Charles Schwab Investment Management Inc. owned 1.45% of MYR Group worth $23,825,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Assenagon Asset Management S.A. raised its holdings in shares of MYR Group by 387.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider's stock worth $18,978,000 after purchasing an additional 147,598 shares during the period. TimesSquare Capital Management LLC grew its position in MYR Group by 178.5% in the third quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider's stock worth $21,794,000 after acquiring an additional 136,643 shares in the last quarter. F M Investments LLC bought a new position in MYR Group in the second quarter valued at $10,800,000. Millennium Management LLC raised its position in MYR Group by 68.9% during the second quarter. Millennium Management LLC now owns 171,329 shares of the utilities provider's stock valued at $23,251,000 after purchasing an additional 69,886 shares in the last quarter. Finally, Jade Capital Advisors LLC purchased a new position in shares of MYR Group in the 3rd quarter worth about $2,045,000. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on MYRG. Robert W. Baird boosted their target price on MYR Group from $131.00 to $138.00 and gave the stock an "outperform" rating in a research report on Thursday, October 31st. StockNews.com raised MYR Group from a "sell" rating to a "hold" rating in a research note on Monday, November 4th. Finally, The Goldman Sachs Group raised their price target on MYR Group from $124.00 to $153.00 and gave the stock a "buy" rating in a research note on Monday, November 4th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, MYR Group has a consensus rating of "Moderate Buy" and an average target price of $143.75.

MYR Group Price Performance

MYRG stock traded down $0.25 during trading on Friday, reaching $166.31. The company's stock had a trading volume of 186,819 shares, compared to its average volume of 180,960. The company's fifty day moving average is $132.61 and its 200-day moving average is $127.49. 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 Inc. has a 1 year low of $86.60 and a 1 year high of $181.02. The company has a market capitalization of $2.68 billion, a P/E ratio of 72.24 and a beta of 0.93.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.25 by $0.40. The company had revenue of $888.00 million for the quarter, compared to the consensus estimate of $917.18 million. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. MYR Group's revenue was down 5.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.28 earnings per share. On average, research analysts expect that MYR Group Inc. will post 1.16 earnings per share for the current fiscal year.

About MYR Group

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.