MYR Group, Inc. $MYRG Shares Acquired by Fisher Asset Management LLC

Fisher Asset Management LLC lifted its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 0.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 450,402 shares of the utilities provider’s stock after purchasing an additional 4,203 shares during the period. Fisher Asset Management LLC owned about 2.90% of MYR Group worth $93,697,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Smartleaf Asset Management LLC boosted its stake in shares of MYR Group by 12.7% in the third quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider’s stock worth $86,000 after acquiring an additional 47 shares during the last quarter. Bank of Montreal Can boosted its stake in MYR Group by 1.4% during the 2nd quarter. Bank of Montreal Can now owns 4,087 shares of the utilities provider’s stock worth $742,000 after purchasing an additional 56 shares during the last quarter. MAI Capital Management boosted its stake in MYR Group by 44.8% during the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 56 shares during the last quarter. Inspire Investing LLC grew its holdings in shares of MYR Group by 2.6% during the third quarter. Inspire Investing LLC now owns 2,198 shares of the utilities provider’s stock worth $457,000 after buying an additional 56 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its position in shares of MYR Group by 4.8% in the second quarter. PNC Financial Services Group Inc. now owns 1,641 shares of the utilities provider’s stock valued at $298,000 after buying an additional 75 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Stock Up 1.3%

Shares of NASDAQ:MYRG opened at $273.54 on Tuesday. The company has a market capitalization of $4.25 billion, a price-to-earnings ratio of 36.33 and a beta of 1.15. MYR Group, Inc. has a 12-month low of $97.72 and a 12-month high of $290.87. The business has a 50-day moving average price of $249.92 and a 200 day moving average price of $221.23. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.08.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, February 25th. The utilities provider reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $0.60. The company had revenue of $973.54 million for the quarter, compared to analysts’ expectations of $897.73 million. MYR Group had a net margin of 3.24% and a return on equity of 19.66%. MYR Group’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.99 earnings per share. Sell-side analysts expect that MYR Group, Inc. will post 1.16 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on MYRG. Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. Cantor Fitzgerald raised their target price on shares of MYR Group from $285.00 to $311.00 and gave the stock an “overweight” rating in a research note on Monday. Weiss Ratings upgraded MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 22nd. The Goldman Sachs Group increased their price target on MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a report on Friday, November 14th. Finally, Stifel Nicolaus boosted their price objective on MYR Group from $237.00 to $262.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have issued 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 $222.43.

About MYR Group

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.