MYR Group Inc. (NASDAQ:MYRG) Shares Bought by Swedbank AB

Swedbank AB grew its stake in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 6.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 267,000 shares of the utilities provider's stock after purchasing an additional 15,000 shares during the period. Swedbank AB owned approximately 1.66% of MYR Group worth $27,295,000 at the end of the most recent reporting period.

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

MYR Group Trading Down 0.6 %

NASDAQ:MYRG traded down $0.90 during mid-day trading on Tuesday, reaching $158.77. The company's stock had a trading volume of 235,077 shares, compared to its average volume of 182,065. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. The stock has a market cap of $2.56 billion, a P/E ratio of 68.17 and a beta of 0.89. The company's fifty day simple moving average is $123.02 and its two-hundred day simple moving average is $126.80. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $181.02.

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

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on MYRG shares. The Goldman Sachs Group lifted their price objective on MYR Group from $124.00 to $153.00 and gave the stock a "buy" rating in a research report on Monday, November 4th. StockNews.com upgraded MYR Group from a "sell" rating to a "hold" rating in a research report on Monday, November 4th. Stifel Nicolaus dropped their price objective on MYR Group from $172.00 to $119.00 and set a "buy" rating for the company in a research report on Monday, August 5th. Finally, Robert W. Baird upped 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. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $143.75.

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.