Assenagon Asset Management S.A. Buys 13,179 Shares of MYR Group, Inc. $MYRG

Assenagon Asset Management S.A. boosted its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 29.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 58,404 shares of the utilities provider’s stock after buying an additional 13,179 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.38% of MYR Group worth $10,597,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quarry LP grew its stake in shares of MYR Group by 190.4% in the first quarter. Quarry LP now owns 273 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 179 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in MYR Group by 92.7% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider’s stock worth $39,000 after buying an additional 165 shares during the period. Versant Capital Management Inc lifted its holdings in MYR Group by 85.4% in the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider’s stock worth $52,000 after buying an additional 210 shares during the period. ANTIPODES PARTNERS Ltd lifted its holdings in MYR Group by 16.3% in the 1st quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider’s stock worth $81,000 after buying an additional 101 shares during the period. Finally, CWM LLC lifted its holdings in MYR Group by 176.9% in the 1st quarter. CWM LLC now owns 1,293 shares of the utilities provider’s stock worth $146,000 after buying an additional 826 shares during the period. 88.90% of the stock is currently owned by institutional investors.

MYR Group Stock Down 3.0%

Shares of NASDAQ:MYRG opened at $183.53 on Wednesday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14. The business’s 50 day moving average is $185.78 and its 200 day moving average is $159.73. The stock has a market cap of $2.85 billion, a P/E ratio of 38.32 and a beta of 1.19. MYR Group, Inc. has a 52-week low of $97.72 and a 52-week high of $220.01.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.14. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The business had revenue of $900.33 million for the quarter, compared to analysts’ expectations of $828.20 million. During the same period last year, the business earned ($0.91) EPS. The company’s revenue was up 8.6% compared to the same quarter last year. Sell-side analysts predict that MYR Group, Inc. will post 1.16 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently commented on MYRG. KeyCorp upped their target price on MYR Group from $205.00 to $211.00 and gave the company an “overweight” rating in a report on Friday, August 1st. The Goldman Sachs Group boosted their price objective on shares of MYR Group from $168.00 to $205.00 and gave the company a “neutral” rating in a research report on Thursday, August 7th. Jefferies Financial Group assumed coverage on shares of MYR Group in a research note on Friday, August 15th. They set a “hold” rating and a $202.00 target price on the stock. Piper Sandler lifted their target price on shares of MYR Group from $138.00 to $153.00 and gave the company a “neutral” rating in a research note on Tuesday, May 27th. Finally, Stifel Nicolaus set a $210.00 price objective on shares of 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 company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $191.83.

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.