Vontobel Holding Ltd. Grows Holdings in MYR Group Inc. (NASDAQ:MYRG)

Vontobel Holding Ltd. boosted its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 44.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 6,440 shares of the utilities provider’s stock after purchasing an additional 1,984 shares during the period. Vontobel Holding Ltd.’s holdings in MYR Group were worth $658,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of MYRG. Vanguard Group Inc. increased its position in MYR Group by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 1,260,930 shares of the utilities provider’s stock valued at $182,368,000 after acquiring an additional 5,055 shares during the period. Capital World Investors increased its holdings in shares of MYR Group by 578.4% in the first quarter. Capital World Investors now owns 974,748 shares of the utilities provider’s stock valued at $172,287,000 after purchasing an additional 831,066 shares during the period. Swedbank AB purchased a new stake in shares of MYR Group during the first quarter worth approximately $51,452,000. Millennium Management LLC lifted its holdings 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 worth $23,251,000 after purchasing an additional 69,886 shares during the period. Finally, Driehaus Capital Management LLC grew its position in MYR Group by 16.4% in the 2nd quarter. Driehaus Capital Management LLC now owns 141,534 shares of the utilities provider’s stock valued at $19,208,000 after buying an additional 19,904 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

MYRG has been the subject of several recent analyst reports. Stifel Nicolaus lowered their target price on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a report on Monday, August 5th. StockNews.com downgraded shares of MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, September 18th. The Goldman Sachs Group dropped their target price on MYR Group from $182.00 to $124.00 and set a “buy” rating on the stock in a research report on Thursday, September 19th. Finally, Robert W. Baird reduced their price target on MYR Group from $170.00 to $143.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $137.75.

MYR Group Trading Down 0.1 %

Shares of MYRG opened at $123.68 on Tuesday. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $181.02. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $2.07 billion, a P/E ratio of 24.09 and a beta of 0.93. The firm’s 50-day moving average is $103.14 and its two-hundred day moving average is $131.79.

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

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.