Fmr LLC Raises Stock Holdings in MYR Group Inc. (NASDAQ:MYRG)

Fmr LLC boosted its position in MYR Group Inc. (NASDAQ:MYRG) by 90.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,336 shares of the utilities provider’s stock after purchasing an additional 1,108 shares during the quarter. Fmr LLC’s holdings in MYR Group were worth $239,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MYRG. Assenagon Asset Management S.A. grew its position in shares of MYR Group by 387.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider’s stock worth $18,978,000 after buying an additional 147,598 shares during the period. TimesSquare Capital Management LLC boosted its stake in MYR Group by 178.5% during the third quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider’s stock worth $21,794,000 after acquiring an additional 136,643 shares in the last quarter. F M Investments LLC purchased a new stake in MYR Group in the second quarter worth about $10,800,000. Millennium Management LLC increased its stake in shares of MYR Group by 68.9% during the second quarter. Millennium Management LLC now owns 171,329 shares of the utilities provider’s stock valued at $23,251,000 after purchasing an additional 69,886 shares in the last quarter. Finally, Jade Capital Advisors LLC purchased a new position in shares of MYR Group during the third quarter valued at approximately $2,045,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Price Performance

Shares of NASDAQ MYRG opened at $153.30 on Friday. The firm has a market cap of $2.47 billion, a P/E ratio of 66.94 and a beta of 0.93. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $181.02. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. The company has a 50 day moving average of $143.74 and a 200 day moving average of $127.89.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.40. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The firm had revenue of $888.00 million during the quarter, compared to analysts’ expectations of $917.18 million. During the same quarter in the previous year, the business earned $1.28 earnings per share. The company’s revenue was down 5.5% on a year-over-year basis. As a group, research analysts expect that MYR Group Inc. will post 1.16 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. StockNews.com upgraded MYR Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. Stifel Nicolaus boosted their target price on MYR Group from $153.00 to $172.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Robert W. Baird raised their price target on MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Finally, The Goldman Sachs Group lifted their price target on MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $157.00.

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.