Swiss National Bank Sells 1,300 Shares of MYR Group, Inc. $MYRG

Swiss National Bank trimmed its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG) by 4.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 31,200 shares of the utilities provider’s stock after selling 1,300 shares during the quarter. Swiss National Bank owned 0.20% of MYR Group worth $3,528,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. T. Rowe Price Investment Management Inc. lifted its position in shares of MYR Group by 42.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider’s stock worth $79,942,000 after purchasing an additional 159,302 shares during the last quarter. Millennium Management LLC lifted its position in shares of MYR Group by 38.4% during the fourth quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider’s stock worth $68,706,000 after purchasing an additional 128,159 shares during the last quarter. Wellington Management Group LLP bought a new stake in shares of MYR Group in the fourth quarter valued at about $60,217,000. Jacobs Levy Equity Management Inc. raised its holdings in shares of MYR Group by 16.9% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 276,136 shares of the utilities provider’s stock valued at $41,081,000 after acquiring an additional 39,954 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in shares of MYR Group by 18.3% in the fourth quarter. Ameriprise Financial Inc. now owns 263,530 shares of the utilities provider’s stock valued at $39,205,000 after acquiring an additional 40,827 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on the company. The Goldman Sachs Group lifted their price objective on MYR Group from $168.00 to $205.00 and gave the company a “neutral” rating in a report on Thursday, August 7th. Piper Sandler lifted their price objective on MYR Group from $138.00 to $153.00 and gave the company a “neutral” rating in a report on Tuesday, May 27th. KeyCorp lifted their price objective on MYR Group from $205.00 to $211.00 and gave the company an “overweight” rating in a report on Friday, August 1st. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 24th. Finally, Stifel Nicolaus set a $210.00 price objective on MYR Group in a report on Monday, August 4th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $191.83.

MYR Group Stock Performance

Shares of MYR Group stock opened at $181.47 on Thursday. The company has a market capitalization of $2.82 billion, a PE ratio of 37.89 and a beta of 1.17. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.33 and a current ratio of 1.33. The company has a 50-day simple moving average of $183.79 and a two-hundred day simple moving average of $151.02. MYR Group, Inc. has a one year low of $86.60 and a one year high of $220.01.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, July 30th. The utilities provider reported $1.70 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.14. The business had revenue of $900.33 million during the quarter, compared to the consensus estimate of $828.20 million. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The firm’s revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.91) earnings per share. Research analysts expect that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

About MYR Group

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.