Ethic Inc. Purchases 2,870 Shares of MYR Group, Inc. $MYRG

Ethic Inc. grew its holdings in MYR Group, Inc. (NASDAQ:MYRG) by 225.3% in the third quarter, Holdings Channel.com reports. The firm owned 4,144 shares of the utilities provider’s stock after purchasing an additional 2,870 shares during the period. Ethic Inc.’s holdings in MYR Group were worth $1,212,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of MYR Group during the second quarter worth $1,232,294,000. Dimensional Fund Advisors LP grew its stake in shares of MYR Group by 2.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 376,175 shares of the utilities provider’s stock valued at $106,187,000 after purchasing an additional 10,198 shares during the period. First Trust Advisors LP lifted its position in MYR Group by 23.5% during the 1st quarter. First Trust Advisors LP now owns 203,732 shares of the utilities provider’s stock worth $57,518,000 after buying an additional 38,726 shares in the last quarter. Congress Asset Management Co. boosted its stake in shares of MYR Group by 94.7% in the 3rd quarter. Congress Asset Management Co. now owns 143,103 shares of the utilities provider’s stock valued at $41,852,000 after purchasing an additional 69,594 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in MYR Group by 4.2% during the first quarter. Bank of America Corp DE now owns 140,611 shares of the utilities provider’s stock valued at $39,697,000 after purchasing an additional 5,667 shares during the period. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Trading Down 1.9%

NASDAQ MYRG opened at $273.09 on Friday. The business’s fifty day moving average is $284.57 and its 200-day moving average is $334.77. MYR Group, Inc. has a one year low of $199.30 and a one year high of $503.57. The stock has a market capitalization of $4.25 billion, a price-to-earnings ratio of 22.18 and a beta of 1.36. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.33.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, October 28th. The utilities provider reported $3.82 EPS for the quarter, beating analysts’ consensus estimates of $2.97 by $0.85. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.16 billion. MYR Group had a net margin of 4.48% and a return on equity of 26.32%. MYR Group’s revenue was up 32.5% compared to the same quarter last year. During the same period last year, the business earned $2.05 earnings per share. Equities research analysts predict that MYR Group, Inc. will post 13.46 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently weighed in on MYRG shares. Weiss Ratings downgraded shares of MYR Group from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, September 2nd. Jefferies Financial Group upgraded shares of MYR Group from a “hold” rating to a “buy” rating and reduced their price target for the company from $377.00 to $370.00 in a research note on Tuesday, October 6th. Stifel Nicolaus decreased their price objective on shares of MYR Group from $445.00 to $393.00 and set a “buy” rating for the company in a research report on Thursday, October 8th. Wall Street Zen cut shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 29th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $331.00 price target on shares of MYR Group in a report on Thursday, October 22nd. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $397.00.

MYR Group Profile

MYR Group Inc. is a specialty electrical construction company that provides services through subsidiaries across the United States and Canada. Its work includes the engineering, construction, and maintenance of electrical infrastructure for utilities and other customers. The company operates through Transmission and Distribution and Commercial and Industrial segments. Transmission and Distribution projects include electric transmission and distribution lines, substations, and related infrastructure, as well as maintenance and emergency restoration work.