Vanguard Group Inc. Raises Stock Holdings in MYR Group, Inc. $MYRG

Vanguard Group Inc. boosted its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 14.7% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,225,288 shares of the utilities provider’s stock after buying an additional 157,157 shares during the quarter. Vanguard Group Inc. owned approximately 7.89% of MYR Group worth $254,897,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in MYRG. CWA Asset Management Group LLC purchased a new stake in shares of MYR Group during the third quarter worth about $1,506,000. Russell Investments Group Ltd. raised its position in MYR Group by 22.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 75,878 shares of the utilities provider’s stock valued at $13,768,000 after purchasing an additional 13,889 shares during the last quarter. XTX Topco Ltd lifted its holdings in MYR Group by 110.0% in the 2nd quarter. XTX Topco Ltd now owns 9,593 shares of the utilities provider’s stock worth $1,741,000 after buying an additional 5,024 shares during the period. SG Americas Securities LLC purchased a new stake in MYR Group in the 3rd quarter worth approximately $1,516,000. Finally, Prudential Financial Inc. grew its position in shares of MYR Group by 62.7% in the 2nd quarter. Prudential Financial Inc. now owns 26,975 shares of the utilities provider’s stock worth $4,895,000 after buying an additional 10,391 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

MYR Group Stock Down 0.9%

NASDAQ:MYRG opened at $269.96 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.33 and a quick ratio of 1.33. The firm’s 50-day moving average price is $249.00 and its 200-day moving average price is $220.34. The company has a market capitalization of $4.20 billion, a PE ratio of 35.85 and a beta of 1.17. MYR Group, Inc. has a 1-year low of $97.72 and a 1-year high of $290.87.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, February 25th. The utilities provider reported $2.33 EPS for the quarter, topping the consensus estimate of $1.73 by $0.60. The business had revenue of $973.54 million for the quarter, compared to analyst estimates of $897.73 million. MYR Group had a net margin of 3.24% and a return on equity of 20.31%. MYR Group’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.99 earnings per share. On average, equities analysts predict that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently commented on the company. Weiss Ratings raised MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 22nd. The Goldman Sachs Group upped their price objective on shares of MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a report on Friday, November 14th. Cantor Fitzgerald assumed coverage on shares of MYR Group in a research note on Friday, January 23rd. They set an “overweight” rating and a $285.00 target price on the stock. Stifel Nicolaus boosted their price target on shares of MYR Group from $237.00 to $262.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Finally, Clear Str raised shares of MYR Group to a “strong-buy” rating in a research note on Monday, December 15th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, MYR Group currently has an average rating of “Moderate Buy” and a consensus price target of $218.71.

MYR Group Company Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.