Swedbank AB Raises Stock Position in MYR Group, Inc. $MYRG

Swedbank AB lifted its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 20.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 37,200 shares of the utilities provider’s stock after acquiring an additional 6,300 shares during the quarter. Swedbank AB’s holdings in MYR Group were worth $8,128,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of MYRG. Royal Bank of Canada increased its position in shares of MYR Group by 20.8% during the first quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock worth $1,447,000 after acquiring an additional 2,205 shares during the period. AQR Capital Management LLC increased its position in shares of MYR Group by 124.5% during the first quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider’s stock worth $1,232,000 after acquiring an additional 6,044 shares during the period. Goldman Sachs Group Inc. increased its position in shares of MYR Group by 0.7% during the first quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock worth $22,998,000 after acquiring an additional 1,437 shares during the period. Cetera Investment Advisers purchased a new position in shares of MYR Group during the second quarter worth approximately $221,000. Finally, Invesco Ltd. increased its holdings in MYR Group by 26.9% during the second quarter. Invesco Ltd. now owns 153,512 shares of the utilities provider’s stock valued at $27,855,000 after buying an additional 32,544 shares during the period. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Price Performance

NASDAQ MYRG opened at $437.86 on Friday. The firm’s fifty day simple moving average is $303.61 and its two-hundred day simple moving average is $258.91. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. MYR Group, Inc. has a 12-month low of $152.93 and a 12-month high of $475.39. The firm has a market capitalization of $6.82 billion, a P/E ratio of 48.28 and a beta of 1.30.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.90. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The business had revenue of $1 billion for the quarter, compared to analyst estimates of $932.45 million. During the same period in the previous year, the company earned $1.45 earnings per share. The business’s revenue for the quarter was up 20.0% on a year-over-year basis. Analysts forecast that MYR Group, Inc. will post 9.84 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently commented on MYRG. Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a research note on Tuesday, April 21st. Robert W. Baird set a $373.00 price objective on shares of MYR Group in a research note on Thursday, April 30th. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. The Goldman Sachs Group boosted their price objective on shares of MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 3rd. Finally, Cantor Fitzgerald boosted their price objective on shares of MYR Group from $285.00 to $311.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $292.71.

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.