Vanguard Group Inc. Purchases 157,157 Shares of MYR Group, Inc. $MYRG

Vanguard Group Inc. raised its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 14.7% in the third quarter, Holdings Channel reports. The firm owned 1,225,288 shares of the utilities provider’s stock after acquiring an additional 157,157 shares during the quarter. Vanguard Group Inc. owned 0.08% of MYR Group worth $254,897,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. MAI Capital Management grew its holdings in shares of MYR Group by 44.8% during the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after buying an additional 56 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in MYR Group in the 2nd quarter valued at approximately $34,000. Elevation Point Wealth Partners LLC purchased a new stake in MYR Group during the 2nd quarter valued at $34,000. Salomon & Ludwin LLC purchased a new stake in MYR Group during the 3rd quarter valued at $34,000. Finally, First Horizon Corp bought a new position in shares of MYR Group during the third quarter valued at $47,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Stock Performance

MYRG opened at $269.96 on Friday. The company’s 50 day moving average is $249.00 and its 200 day moving average is $220.34. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.11. The company has a market cap of $4.20 billion, a price-to-earnings ratio of 35.85 and a beta of 1.17. MYR Group, Inc. has a 12-month low of $97.72 and a 12-month high of $290.87.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.60. The business had revenue of $973.54 million for the quarter, compared to the consensus estimate of $897.73 million. MYR Group had a net margin of 3.24% and a return on equity of 20.31%. The company’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period last year, the firm earned $0.99 earnings per share. On average, equities research analysts predict that MYR Group, Inc. will post 1.16 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Zacks Research downgraded shares of MYR Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 30th. Cantor Fitzgerald started coverage on shares of MYR Group in a research note on Friday, January 23rd. They issued an “overweight” rating and a $285.00 price target for the company. The Goldman Sachs Group increased their price objective on shares of MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a research report on Friday, November 14th. Finally, Stifel Nicolaus lifted their target price on shares of MYR Group from $237.00 to $262.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, MYR Group presently has an average rating of “Moderate Buy” and an average price target of $218.71.

MYR Group Profile

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.