Assenagon Asset Management S.A. Has $11.63 Million Holdings in MYR Group Inc. (NASDAQ:MYRG)

Assenagon Asset Management S.A. trimmed its holdings in MYR Group Inc. (NASDAQ:MYRG) by 57.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 78,197 shares of the utilities provider’s stock after selling 107,447 shares during the period. Assenagon Asset Management S.A. owned about 0.49% of MYR Group worth $11,633,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Tidal Investments LLC raised its holdings in shares of MYR Group by 2.0% during the third quarter. Tidal Investments LLC now owns 4,286 shares of the utilities provider’s stock worth $438,000 after acquiring an additional 83 shares during the period. GAMMA Investing LLC raised its holdings in shares of MYR Group by 27.0% in the fourth quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock valued at $83,000 after purchasing an additional 118 shares during the last quarter. Mercer Global Advisors Inc. ADV lifted its position in shares of MYR Group by 0.6% in the second quarter. Mercer Global Advisors Inc. ADV now owns 28,000 shares of the utilities provider’s stock worth $3,800,000 after purchasing an additional 160 shares in the last quarter. Encompass Capital Advisors LLC boosted its holdings in MYR Group by 1.2% during the second quarter. Encompass Capital Advisors LLC now owns 48,187 shares of the utilities provider’s stock worth $6,539,000 after purchasing an additional 554 shares during the last quarter. Finally, Inspire Investing LLC grew its position in MYR Group by 27.9% in the second quarter. Inspire Investing LLC now owns 2,590 shares of the utilities provider’s stock valued at $351,000 after purchasing an additional 565 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors.

MYR Group Trading Down 0.1 %

MYR Group stock opened at $147.72 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. The stock has a 50-day simple moving average of $153.08 and a 200 day simple moving average of $128.65. The stock has a market capitalization of $2.38 billion, a P/E ratio of 64.51 and a beta of 0.96. MYR Group Inc. has a 52 week low of $86.60 and a 52 week high of $181.02.

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, beating analysts’ consensus estimates of $0.25 by $0.40. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The business had revenue of $888.00 million for the quarter, compared to analysts’ expectations of $917.18 million. During the same quarter in the prior year, the business earned $1.28 EPS. The firm’s revenue for the quarter was down 5.5% on a year-over-year basis. Analysts expect that MYR Group Inc. will post 1.16 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on MYRG. Robert W. Baird boosted their price target on shares of MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Stifel Nicolaus upped 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. StockNews.com upgraded MYR Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. Finally, The Goldman Sachs Group upped their price objective on MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.