Swedbank AB Acquires 15,000 Shares of MYR Group Inc. (NASDAQ:MYRG)

Swedbank AB raised its stake in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 6.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 267,000 shares of the utilities provider's stock after purchasing an additional 15,000 shares during the period. Swedbank AB owned 1.59% of MYR Group worth $27,295,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of MYRG. Capital World Investors grew its holdings in MYR Group by 578.4% during the 1st quarter. Capital World Investors now owns 974,748 shares of the utilities provider's stock worth $172,287,000 after acquiring an additional 831,066 shares during the period. F M Investments LLC acquired a new stake in MYR Group during the 2nd quarter worth about $10,800,000. Millennium Management LLC grew its holdings in MYR Group by 68.9% during the 2nd quarter. Millennium Management LLC now owns 171,329 shares of the utilities provider's stock worth $23,251,000 after acquiring an additional 69,886 shares during the period. Assenagon Asset Management S.A. acquired a new stake in MYR Group during the 2nd quarter worth about $5,163,000. Finally, Trillium Asset Management LLC grew its holdings in MYR Group by 60.3% during the 1st quarter. Trillium Asset Management LLC now owns 77,694 shares of the utilities provider's stock worth $13,733,000 after acquiring an additional 29,215 shares during the period. 88.90% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on MYRG shares. Stifel Nicolaus reduced their target price on MYR Group from $172.00 to $119.00 and set a "buy" rating for the company in a research note on Monday, August 5th. The Goldman Sachs Group reduced their target price on MYR Group from $182.00 to $124.00 and set a "buy" rating for the company in a research note on Thursday, September 19th. StockNews.com downgraded MYR Group from a "hold" rating to a "sell" rating in a research note on Wednesday, September 18th. Finally, Robert W. Baird reduced their target price on MYR Group from $170.00 to $143.00 and set an "outperform" rating for the company in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $137.75.

MYR Group Stock Performance

Shares of MYR Group stock traded up $0.86 during mid-day trading on Thursday, hitting $124.29. 186,573 shares of the stock were exchanged, compared to its average volume of 172,544. MYR Group Inc. has a 12 month low of $86.60 and a 12 month high of $181.02. The company has a 50-day simple moving average of $102.67 and a 200 day simple moving average of $132.72. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.36 and a current ratio of 1.36. The company has a market capitalization of $2.08 billion, a P/E ratio of 24.09 and a beta of 0.93.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) EPS for the quarter, missing analysts' consensus estimates of $1.07 by ($1.98). MYR Group had a return on equity of 7.65% and a net margin of 1.37%. The company had revenue of $828.89 million during the quarter, compared to the consensus estimate of $876.07 million. During the same period last year, the firm posted $1.33 EPS. The company's revenue for the quarter was down 6.7% compared to the same quarter last year. Sell-side analysts anticipate that MYR Group Inc. will post 0.91 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.