MYR Group, Inc. $MYRG Stake Cut by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. cut its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG) by 82.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 26,544 shares of the utilities provider’s stock after selling 121,911 shares during the quarter. Assenagon Asset Management S.A. owned 0.17% of MYR Group worth $5,800,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. MAI Capital Management boosted its holdings in shares of MYR Group by 44.8% during the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 56 shares during the period. Elevation Point Wealth Partners LLC acquired a new position in MYR Group in the 2nd quarter valued at approximately $34,000. Salomon & Ludwin LLC acquired a new position in MYR Group in the 3rd quarter valued at approximately $34,000. First Horizon Corp purchased a new stake in MYR Group in the 3rd quarter worth approximately $47,000. Finally, Johnson Financial Group Inc. acquired a new stake in shares of MYR Group during the 3rd quarter valued at $74,000. Institutional investors and hedge funds own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MYRG. Weiss Ratings upgraded shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 22nd. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. Clear Str upgraded MYR Group to a “strong-buy” rating in a research note on Monday, December 15th. The Goldman Sachs Group upped their target price on MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 3rd. Finally, Stifel Nicolaus raised their price target on MYR Group from $262.00 to $305.00 and gave the stock a “buy” rating in a research note on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $235.43.

MYR Group Stock Performance

Shares of NASDAQ MYRG opened at $273.47 on Friday. The business’s 50-day simple moving average is $265.39 and its 200-day simple moving average is $232.35. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.33 and a current ratio of 1.33. MYR Group, Inc. has a 52 week low of $97.72 and a 52 week high of $290.87. The firm has a market cap of $4.25 billion, a price-to-earnings ratio of 36.32 and a beta of 1.15.

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

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.