Nuveen Asset Management LLC Boosts Holdings in MYR Group Inc. (NASDAQ:MYRG)

Nuveen Asset Management LLC boosted its position in shares of MYR Group Inc. (NASDAQ:MYRG) by 28.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 162,202 shares of the utilities provider’s stock after buying an additional 36,111 shares during the quarter. Nuveen Asset Management LLC owned 1.01% of MYR Group worth $24,131,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of MYRG. Barclays PLC boosted its stake in MYR Group by 192.2% during the third quarter. Barclays PLC now owns 34,987 shares of the utilities provider’s stock worth $3,578,000 after buying an additional 23,013 shares during the period. MCF Advisors LLC grew its stake in shares of MYR Group by 470.0% during the fourth quarter. MCF Advisors LLC now owns 171 shares of the utilities provider’s stock valued at $25,000 after buying an additional 141 shares during the last quarter. Fifth Third Bancorp grew its stake in shares of MYR Group by 66.7% during the fourth quarter. Fifth Third Bancorp now owns 4,031 shares of the utilities provider’s stock valued at $600,000 after buying an additional 1,613 shares during the last quarter. KBC Group NV grew its stake in shares of MYR Group by 56.8% during the fourth quarter. KBC Group NV now owns 737 shares of the utilities provider’s stock valued at $110,000 after buying an additional 267 shares during the last quarter. Finally, Moody Aldrich Partners LLC bought a new position in shares of MYR Group during the fourth quarter valued at approximately $3,952,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on MYRG shares. KeyCorp upped their target price on MYR Group from $136.00 to $163.00 and gave the company an “overweight” rating in a research note on Friday, May 2nd. The Goldman Sachs Group lowered their target price on shares of MYR Group from $164.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, April 24th. Stifel Nicolaus lowered their target price on shares of MYR Group from $157.00 to $131.00 and set a “buy” rating for the company in a research note on Wednesday, April 9th. Wall Street Zen raised shares of MYR Group from a “hold” rating to a “buy” rating in a research note on Monday, May 5th. Finally, Piper Sandler boosted their target price on shares of MYR Group from $124.00 to $138.00 and gave the company a “neutral” rating in a research note on Monday, May 5th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, MYR Group has an average rating of “Moderate Buy” and an average target price of $149.40.

MYR Group Stock Down 2.3%

Shares of NASDAQ MYRG opened at $157.07 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 firm has a market capitalization of $2.44 billion, a price-to-earnings ratio of 68.59 and a beta of 1.06. The stock has a 50 day moving average price of $129.97 and a 200 day moving average price of $139.06. MYR Group Inc. has a 52-week low of $86.60 and a 52-week high of $168.88.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.27. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The company had revenue of $833.62 million during the quarter, compared to analyst estimates of $788.98 million. During the same period in the prior year, the firm earned $1.12 earnings per share. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. Sell-side analysts expect that MYR Group Inc. will post 1.16 earnings per share for the current 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.