Fisher Asset Management LLC Has $103.07 Million Holdings in MYR Group, Inc. $MYRG

Fisher Asset Management LLC raised its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG) by 4.7% during the fourth quarter, HoldingsChannel.com reports. The firm owned 471,706 shares of the utilities provider’s stock after acquiring an additional 21,304 shares during the quarter. Fisher Asset Management LLC’s holdings in MYR Group were worth $103,068,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in MYRG. Wellington Management Group LLP lifted its position in MYR Group by 69.2% during the 3rd quarter. Wellington Management Group LLP now owns 624,791 shares of the utilities provider’s stock valued at $129,975,000 after purchasing an additional 255,493 shares during the period. Massachusetts Financial Services Co. MA bought a new stake in shares of MYR Group in the 4th quarter valued at about $47,012,000. Vanguard Group Inc. increased its stake in shares of MYR Group by 14.7% in the 3rd quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock valued at $254,897,000 after acquiring an additional 157,157 shares during the last quarter. Invesco Ltd. increased its stake in shares of MYR Group by 59.9% in the 3rd quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock valued at $51,058,000 after acquiring an additional 91,923 shares during the last quarter. Finally, Squarepoint Ops LLC increased its stake in shares of MYR Group by 274.9% in the 3rd quarter. Squarepoint Ops LLC now owns 121,434 shares of the utilities provider’s stock valued at $25,262,000 after acquiring an additional 89,044 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently commented on MYRG shares. Robert W. Baird set a $373.00 price target on MYR Group in a research note on Thursday, April 30th. Stifel Nicolaus set a $503.00 price target on MYR Group in a research note on Monday, May 4th. Cantor Fitzgerald upped their price target on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a research note on Tuesday, April 21st. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $328.86.

MYR Group Price Performance

NASDAQ:MYRG opened at $446.90 on Tuesday. MYR Group, Inc. has a 1-year low of $154.55 and a 1-year high of $480.00. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. The firm has a fifty day simple moving average of $347.68 and a 200 day simple moving average of $278.86. The stock has a market capitalization of $6.96 billion, a PE ratio of 49.27 and a beta of 1.30.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $932.45 million. During the same period last year, the business earned $1.45 earnings per share. The firm’s revenue was up 20.0% on a year-over-year basis. On average, research analysts expect that MYR Group, Inc. will post 10.59 EPS for the current fiscal year.

MYR Group 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.