Citigroup Inc. Has $5.17 Million Stake in MYR Group, Inc. $MYRG

Citigroup Inc. increased its stake in MYR Group, Inc. (NASDAQ:MYRG) by 66.3% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 24,861 shares of the utilities provider’s stock after purchasing an additional 9,911 shares during the quarter. Citigroup Inc. owned approximately 0.16% of MYR Group worth $5,172,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its position in shares of MYR Group by 97.4% in the second quarter. Bank of New York Mellon Corp now owns 350,478 shares of the utilities provider’s stock valued at $63,594,000 after purchasing an additional 172,962 shares during the period. Vanguard Group Inc. grew its stake in MYR Group by 14.7% in the 3rd quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock valued at $254,897,000 after buying an additional 157,157 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in MYR Group by 154.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 148,455 shares of the utilities provider’s stock valued at $30,883,000 after buying an additional 90,051 shares during the last quarter. Adage Capital Partners GP L.L.C. acquired a new position in MYR Group during the 2nd quarter worth $13,609,000. Finally, Boston Partners boosted its holdings in MYR Group by 70.0% during the second quarter. Boston Partners now owns 151,839 shares of the utilities provider’s stock valued at $27,553,000 after acquiring an additional 62,515 shares during the period. Institutional investors own 88.90% of the company’s stock.

MYR Group Trading Down 1.4%

MYR Group stock opened at $269.72 on Wednesday. The business has a 50 day moving average price of $250.77 and a two-hundred day moving average price of $221.85. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.08. MYR Group, Inc. has a 12 month low of $97.72 and a 12 month high of $290.87. The stock has a market cap of $4.19 billion, a price-to-earnings ratio of 35.82 and a beta of 1.15.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.60. The business had revenue of $973.54 million for the quarter, compared to analysts’ expectations of $897.73 million. MYR Group had a return on equity of 19.66% and a net margin of 3.24%.MYR Group’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.99 earnings per share. As a group, equities analysts forecast that MYR Group, Inc. will post 1.16 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on MYRG shares. Clear Str raised MYR Group to a “strong-buy” rating in a research report on Monday, December 15th. Zacks Research lowered MYR Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 30th. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. The Goldman Sachs Group upped their price target on MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a report on Tuesday. Finally, Stifel Nicolaus raised their price objective on shares of MYR Group from $262.00 to $305.00 and gave the stock a “buy” rating in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $235.43.

MYR Group Company Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.