Advisors Asset Management Inc. Increases Stake in MYR Group, Inc. $MYRG

Key Points

• Advisors Asset Management Inc. increased its stake in MYR Group, Inc. by 8.8%, owning 26,449 shares worth approximately $2.99 million as of the latest SEC filing.
• Wall Street analysts have a consensus rating of "Moderate Buy" for MYR Group, with price targets ranging from $153.00 to $211.00.
• MYR Group reported $1.70 earnings per share, exceeding expectations, and revenue of $900.33 million, marking an 8.6% increase year-over-year.

Advisors Asset Management Inc. increased its holdings in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 8.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,449 shares of the utilities provider's stock after acquiring an additional 2,148 shares during the quarter. Advisors Asset Management Inc. owned approximately 0.17% of MYR Group worth $2,991,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of MYRG. Quarry LP increased its stake in MYR Group by 190.4% in the 1st quarter. Quarry LP now owns 273 shares of the utilities provider's stock valued at $31,000 after buying an additional 179 shares during the period. Caitong International Asset Management Co. Ltd boosted its position in shares of MYR Group by 92.7% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider's stock worth $39,000 after purchasing an additional 165 shares in the last quarter. Versant Capital Management Inc boosted its position in shares of MYR Group by 85.4% during the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock worth $52,000 after purchasing an additional 210 shares in the last quarter. ANTIPODES PARTNERS Ltd boosted its position in shares of MYR Group by 16.3% during the 1st quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider's stock worth $81,000 after purchasing an additional 101 shares in the last quarter. Finally, CWM LLC boosted its position in shares of MYR Group by 176.9% during the 1st quarter. CWM LLC now owns 1,293 shares of the utilities provider's stock worth $146,000 after purchasing an additional 826 shares in the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on MYRG shares. Wall Street Zen upgraded shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Stifel Nicolaus set a $210.00 price objective on shares of MYR Group in a research report on Monday, August 4th. Piper Sandler boosted their price objective on shares of MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 27th. The Goldman Sachs Group boosted their price objective on shares of MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Finally, Jefferies Financial Group started coverage on shares of MYR Group in a research report on Friday, August 15th. They issued a "hold" rating and a $202.00 price objective on the stock. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, MYR Group has an average rating of "Moderate Buy" and an average target price of $191.83.

MYR Group Trading Down 0.8%

NASDAQ:MYRG traded down $1.49 on Friday, reaching $177.68. The stock had a trading volume of 14,005 shares, compared to its average volume of 209,336. The company has a market cap of $2.76 billion, a price-to-earnings ratio of 37.09 and a beta of 1.18. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.33 and a quick ratio of 1.33. The firm's fifty day moving average is $186.64 and its two-hundred day moving average is $156.21. MYR Group, Inc. has a 12-month low of $95.42 and a 12-month high of $220.01.

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

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.