Assenagon Asset Management S.A. Purchases 147,598 Shares of MYR Group Inc. (NASDAQ:MYRG)

Assenagon Asset Management S.A. grew its position in MYR Group Inc. (NASDAQ:MYRG - Free Report) by 387.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 185,644 shares of the utilities provider's stock after purchasing an additional 147,598 shares during the period. Assenagon Asset Management S.A. owned about 1.11% of MYR Group worth $18,978,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Jade Capital Advisors LLC bought a new stake in shares of MYR Group in the 3rd quarter valued at approximately $2,045,000. Allspring Global Investments Holdings LLC lifted its stake in MYR Group by 2.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 30,645 shares of the utilities provider's stock valued at $3,133,000 after acquiring an additional 728 shares during the last quarter. Vontobel Holding Ltd. grew its position in MYR Group by 44.5% in the third quarter. Vontobel Holding Ltd. now owns 6,440 shares of the utilities provider's stock worth $658,000 after acquiring an additional 1,984 shares in the last quarter. Swedbank AB increased its stake in shares of MYR Group by 6.0% during the 3rd quarter. Swedbank AB now owns 267,000 shares of the utilities provider's stock worth $27,295,000 after purchasing an additional 15,000 shares during the last quarter. Finally, Creative Planning raised its holdings in shares of MYR Group by 193.0% during the 3rd quarter. Creative Planning now owns 4,841 shares of the utilities provider's stock valued at $495,000 after purchasing an additional 3,189 shares in the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MYRG has been the subject of a number of recent research reports. Stifel Nicolaus decreased their price objective on shares of MYR Group from $172.00 to $119.00 and set a "buy" rating for the company in a report on Monday, August 5th. Robert W. Baird decreased their price target 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. The Goldman Sachs Group cut their price objective on MYR Group from $182.00 to $124.00 and set a "buy" rating on the stock in a research note on Thursday, September 19th. Finally, StockNews.com lowered MYR Group from a "hold" rating to a "sell" rating in a report on Wednesday, September 18th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $137.75.

MYR Group Stock Performance

MYRG stock traded down $1.49 during mid-day trading on Friday, reaching $114.36. 142,672 shares of the stock traded hands, compared to its average volume of 171,731. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.06. The business has a 50-day moving average of $104.88 and a two-hundred day moving average of $129.82. The firm has a market capitalization of $1.92 billion, a PE ratio of 22.16 and a beta of 0.93. MYR Group Inc. has a 52 week low of $86.60 and a 52 week high of $181.02.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share for the quarter, missing the consensus estimate of $1.07 by ($1.98). The business had revenue of $828.89 million for the quarter, compared to the consensus estimate of $876.07 million. MYR Group had a net margin of 1.37% and a return on equity of 7.65%. MYR Group's revenue for the quarter was down 6.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.33 EPS. As a group, equities analysts predict that MYR Group Inc. will post 0.88 EPS for the current fiscal year.

MYR Group Company 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.