Zurcher Kantonalbank Zurich Cantonalbank Boosts Holdings in MYR Group Inc. (NASDAQ:MYRG)

Zurcher Kantonalbank Zurich Cantonalbank raised its position in MYR Group Inc. (NASDAQ:MYRG) by 6.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,695 shares of the utilities provider’s stock after acquiring an additional 740 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in MYR Group were worth $1,691,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in the business. American Century Companies Inc. grew its stake in MYR Group by 5.3% during the 3rd quarter. American Century Companies Inc. now owns 228,947 shares of the utilities provider’s stock worth $30,853,000 after buying an additional 11,594 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of MYR Group by 1.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 216,423 shares of the utilities provider’s stock worth $29,165,000 after acquiring an additional 2,143 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of MYR Group by 9.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 163,191 shares of the utilities provider’s stock worth $21,992,000 after acquiring an additional 13,439 shares during the last quarter. Neumeier Poma Investment Counsel LLC increased its holdings in shares of MYR Group by 8.0% during the third quarter. Neumeier Poma Investment Counsel LLC now owns 157,077 shares of the utilities provider’s stock valued at $21,168,000 after acquiring an additional 11,670 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its position in shares of MYR Group by 85.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 110,119 shares of the utilities provider’s stock valued at $15,927,000 after purchasing an additional 50,848 shares during the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MYRG has been the topic of several research analyst reports. Sidoti downgraded shares of MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 target price on the stock. in a research report on Monday, February 26th. KeyCorp assumed coverage on shares of MYR Group in a report on Wednesday, January 10th. They set a “sector weight” rating on the stock. Finally, Stifel Nicolaus reduced their target price on MYR Group from $185.00 to $184.00 and set a “buy” rating for the company in a research note on Tuesday, April 16th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $170.75.

MYR Group Price Performance

Shares of NASDAQ:MYRG opened at $164.60 on Thursday. MYR Group Inc. has a twelve month low of $110.87 and a twelve month high of $181.02. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.05. The company has a market cap of $2.76 billion, a PE ratio of 30.37 and a beta of 1.08. The company’s 50 day moving average is $164.69 and its 200 day moving average is $145.11.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, February 28th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.02. The firm had revenue of $1 billion during the quarter, compared to analysts’ expectations of $904.76 million. MYR Group had a net margin of 2.50% and a return on equity of 14.80%. The firm’s revenue was up 16.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.46 earnings per share. On average, sell-side analysts forecast that MYR Group Inc. will post 6.64 EPS for the current year.

MYR Group Company 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.