Ameriprise Financial Inc. Raises Holdings in MYR Group Inc. (NASDAQ:MYRG)

Ameriprise Financial Inc. lifted its stake in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 18.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 263,530 shares of the utilities provider's stock after acquiring an additional 40,827 shares during the quarter. Ameriprise Financial Inc. owned approximately 1.63% of MYR Group worth $39,205,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. 1060 Capital LLC bought a new position in MYR Group in the 4th quarter worth approximately $8,182,000. Jane Street Group LLC raised its holdings in MYR Group by 43.0% during the 4th quarter. Jane Street Group LLC now owns 30,070 shares of the utilities provider's stock valued at $4,474,000 after buying an additional 9,041 shares during the period. Northern Trust Corp increased its stake in MYR Group by 1.9% in the fourth quarter. Northern Trust Corp now owns 183,156 shares of the utilities provider's stock worth $27,248,000 after purchasing an additional 3,422 shares during the period. The Manufacturers Life Insurance Company increased its stake in MYR Group by 3.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 8,568 shares of the utilities provider's stock worth $1,275,000 after purchasing an additional 313 shares during the period. Finally, Boothbay Fund Management LLC increased its stake in MYR Group by 55.7% in the fourth quarter. Boothbay Fund Management LLC now owns 6,468 shares of the utilities provider's stock worth $962,000 after purchasing an additional 2,314 shares during the period. 88.90% of the stock is currently owned by institutional investors.

MYR Group Trading Up 0.6%

NASDAQ MYRG traded up $1.04 on Friday, reaching $164.55. 179,227 shares of the company were exchanged, compared to its average volume of 218,199. The business's fifty day moving average price is $126.32 and its 200 day moving average price is $138.33. The stock has a market capitalization of $2.55 billion, a P/E ratio of 71.86 and a beta of 1.06. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. MYR Group Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $168.88.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its earnings results on Wednesday, April 30th. The utilities provider reported $1.45 EPS for the quarter, beating analysts' consensus estimates of $1.18 by $0.27. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The company had revenue of $833.62 million for the quarter, compared to the consensus estimate of $788.98 million. During the same quarter in the previous year, the business earned $1.12 earnings per share. The company's revenue for the quarter was up 2.2% on a year-over-year basis. Analysts forecast that MYR Group Inc. will post 1.16 earnings per share for the current year.

Analysts Set New Price Targets

MYRG has been the topic of a number of recent research reports. Stifel Nicolaus dropped their price target on MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. The Goldman Sachs Group dropped their price objective on MYR Group from $164.00 to $145.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. KeyCorp raised their price objective on MYR Group from $136.00 to $163.00 and gave the company an "overweight" rating in a research report on Friday, May 2nd. Robert W. Baird raised their price target on MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Finally, StockNews.com raised MYR Group from a "hold" rating to a "buy" rating in a report on Monday, May 5th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, MYR Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $149.40.

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.