Mackenzie Financial Corp Has $518,000 Stock Holdings in MYR Group Inc. (NASDAQ:MYRG)

Mackenzie Financial Corp lifted its position in shares of MYR Group Inc. (NASDAQ:MYRG) by 59.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,818 shares of the utilities provider’s stock after purchasing an additional 1,417 shares during the period. Mackenzie Financial Corp’s holdings in MYR Group were worth $518,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Fidelis Capital Partners LLC bought a new stake in MYR Group during the 1st quarter worth approximately $48,000. GAMMA Investing LLC grew its stake in shares of MYR Group by 37.8% in the first quarter. GAMMA Investing LLC now owns 598 shares of the utilities provider’s stock worth $106,000 after purchasing an additional 164 shares during the last quarter. Covestor Ltd increased its holdings in MYR Group by 23.7% in the first quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock valued at $122,000 after purchasing an additional 132 shares during the period. RiverPark Advisors LLC raised its position in MYR Group by 360.3% during the 1st quarter. RiverPark Advisors LLC now owns 893 shares of the utilities provider’s stock worth $158,000 after purchasing an additional 699 shares during the last quarter. Finally, EntryPoint Capital LLC acquired a new position in MYR Group during the 1st quarter worth about $186,000. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Price Performance

Shares of MYRG opened at $104.23 on Friday. The firm has a market cap of $1.75 billion, a PE ratio of 20.20 and a beta of 0.93. MYR Group Inc. has a 52-week low of $86.60 and a 52-week high of $181.02. The business’s 50 day moving average price is $102.13 and its two-hundred day moving average price is $136.01. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.36 and a current ratio of 1.36.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($1.98). The company had revenue of $828.89 million for the quarter, compared to analyst estimates of $876.07 million. MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The firm’s revenue was down 6.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.33 EPS. On average, equities analysts anticipate that MYR Group Inc. will post 0.91 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. StockNews.com cut MYR Group from a “hold” rating to a “sell” rating in a research note on Wednesday, September 18th. Robert W. Baird decreased their target price on shares of MYR Group from $170.00 to $143.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Stifel Nicolaus dropped their price target on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Finally, The Goldman Sachs Group decreased their price objective on shares of MYR Group from $182.00 to $124.00 and set a “buy” rating for the company in a research report on Thursday, September 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $137.75.

About MYR Group

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.