Fisher Asset Management LLC Acquires 3,759 Shares of MYR Group Inc. (NASDAQ:MYRG)

Fisher Asset Management LLC increased its stake in MYR Group Inc. (NASDAQ:MYRG - Free Report) by 11.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 37,752 shares of the utilities provider's stock after purchasing an additional 3,759 shares during the period. Fisher Asset Management LLC owned approximately 0.23% of MYR Group worth $3,859,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of MYRG. State of New Jersey Common Pension Fund D increased its holdings in shares of MYR Group by 66.5% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 19,161 shares of the utilities provider's stock worth $1,959,000 after buying an additional 7,655 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in MYR Group in the second quarter valued at $5,163,000. US Bancorp DE raised its position in MYR Group by 2,187.8% during the third quarter. US Bancorp DE now owns 5,422 shares of the utilities provider's stock valued at $554,000 after purchasing an additional 5,185 shares in the last quarter. Creative Planning lifted its stake in MYR Group by 193.0% during the third quarter. Creative Planning now owns 4,841 shares of the utilities provider's stock worth $495,000 after purchasing an additional 3,189 shares during the last quarter. Finally, Vontobel Holding Ltd. boosted its holdings in shares of MYR Group by 44.5% in the 3rd quarter. Vontobel Holding Ltd. now owns 6,440 shares of the utilities provider's stock worth $658,000 after purchasing an additional 1,984 shares in the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MYRG has been the topic of a number of research reports. Stifel Nicolaus decreased their price objective on MYR Group from $172.00 to $119.00 and set a "buy" rating on the stock in a report on Monday, August 5th. The Goldman Sachs Group lifted their price target on shares of MYR Group from $124.00 to $153.00 and gave the stock a "buy" rating in a research note on Monday, November 4th. Robert W. Baird increased their target price on shares of MYR Group from $131.00 to $138.00 and gave the company an "outperform" rating in a report on Thursday, October 31st. Finally, StockNews.com upgraded shares of MYR Group from a "sell" rating to a "hold" rating in a research report on Monday, November 4th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $143.75.

MYR Group Trading Up 0.1 %

MYRG stock traded up $0.13 during midday trading on Friday, hitting $157.90. The company had a trading volume of 70,433 shares, compared to its average volume of 181,355. The stock has a market cap of $2.55 billion, a price-to-earnings ratio of 68.95 and a beta of 0.89. MYR Group Inc. has a 52 week low of $86.60 and a 52 week high of $181.02. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The stock's 50 day moving average price is $126.49 and its 200 day moving average price is $127.22.

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

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.