US Bancorp DE Has $554,000 Holdings in MYR Group Inc. (NASDAQ:MYRG)

US Bancorp DE grew its stake in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 2,187.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,422 shares of the utilities provider's stock after acquiring an additional 5,185 shares during the period. US Bancorp DE's holdings in MYR Group were worth $554,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of MYRG. DekaBank Deutsche Girozentrale bought a new position in shares of MYR Group during the third quarter worth approximately $116,000. Covestor Ltd increased its holdings in shares of MYR Group by 23.7% during the first quarter. Covestor Ltd now owns 689 shares of the utilities provider's stock worth $122,000 after purchasing an additional 132 shares during the period. RiverPark Advisors LLC increased its holdings in shares of MYR Group by 21.9% during the second quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider's stock worth $148,000 after purchasing an additional 196 shares during the period. EntryPoint Capital LLC bought a new position in shares of MYR Group during the first quarter worth approximately $186,000. Finally, SG Americas Securities LLC bought a new position in shares of MYR Group during the first quarter worth approximately $208,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MYRG has been the topic of several recent research reports. Robert W. Baird raised their target price on shares of MYR Group from $131.00 to $138.00 and gave the stock an "outperform" rating in a report on Thursday, October 31st. Stifel Nicolaus lowered their target price on shares of 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 objective on shares of MYR Group from $124.00 to $153.00 and gave the company a "buy" rating in a research note on Monday, November 4th. Finally, StockNews.com raised shares of MYR Group from a "sell" rating to a "hold" rating in a research note on Monday, November 4th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $143.75.

MYR Group Price Performance

NASDAQ:MYRG traded up $2.12 during mid-day trading on Monday, reaching $150.78. The stock had a trading volume of 188,398 shares, compared to its average volume of 180,655. The stock has a 50-day simple moving average of $110.93 and a two-hundred day simple moving average of $127.61. The stock has a market capitalization of $2.43 billion, a PE ratio of 64.92 and a beta of 0.89. MYR Group Inc. has a 12 month low of $86.60 and a 12 month high of $181.02. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, topping analysts' consensus estimates of $0.25 by $0.40. The firm 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 revenue was down 5.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.28 earnings per share. On average, equities analysts anticipate that MYR Group Inc. will post 1.16 earnings per share for the current 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.