Victory Capital Management Inc. Acquires 24,135 Shares of MYR Group Inc. (NASDAQ:MYRG)

Victory Capital Management Inc. lifted its holdings in MYR Group Inc. (NASDAQ:MYRG) by 9.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 272,876 shares of the utilities provider’s stock after acquiring an additional 24,135 shares during the quarter. Victory Capital Management Inc.’s holdings in MYR Group were worth $39,466,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MYRG. Assenagon Asset Management S.A. lifted its holdings in MYR Group by 85.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 110,119 shares of the utilities provider’s stock worth $15,927,000 after buying an additional 50,848 shares during the period. Trillium Asset Management LLC bought a new stake in MYR Group during the third quarter valued at about $5,543,000. Fred Alger Management LLC purchased a new position in MYR Group in the third quarter valued at about $4,017,000. Lord Abbett & CO. LLC raised its holdings in MYR Group by 29.8% in the third quarter. Lord Abbett & CO. LLC now owns 90,891 shares of the utilities provider’s stock worth $12,248,000 after purchasing an additional 20,885 shares in the last quarter. Finally, New York State Common Retirement Fund lifted its position in shares of MYR Group by 115.6% during the fourth quarter. New York State Common Retirement Fund now owns 38,830 shares of the utilities provider’s stock valued at $5,616,000 after buying an additional 20,820 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Sidoti lowered shares of MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price objective for the company. in a research note on Monday, February 26th. Robert W. Baird decreased their price objective on MYR Group from $185.00 to $180.00 and set an “outperform” rating for the company in a report on Thursday, May 2nd. Stifel Nicolaus lowered their price objective on MYR Group from $185.00 to $184.00 and set a “buy” rating for the company in a research report on Tuesday, April 16th. Finally, KeyCorp began coverage on MYR Group in a research note on Wednesday, January 10th. They issued a “sector weight” rating for the company. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $173.25.

MYR Group Stock Performance

Shares of MYRG opened at $152.42 on Tuesday. The stock has a 50-day moving average of $165.26 and a two-hundred day moving average of $146.93. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.40 and a current ratio of 1.40. The stock has a market cap of $2.55 billion, a P/E ratio of 29.54 and a beta of 1.10. MYR Group Inc. has a one year low of $110.87 and a one year high of $181.02.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, May 1st. The utilities provider reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.10. MYR Group had a return on equity of 13.64% and a net margin of 2.38%. The firm had revenue of $815.56 million for the quarter, compared to analyst estimates of $854.13 million. During the same quarter in the prior year, the firm earned $1.38 earnings per share. MYR Group’s revenue for the quarter was up .5% on a year-over-year basis. As a group, research analysts predict that MYR Group Inc. will post 6.64 EPS 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.