Allspring Global Investments Holdings LLC Boosts Stock Position in MYR Group, Inc. $MYRG

Key Points

• Allspring Global Investments Holdings LLC increased its stake in MYR Group, Inc. by 29.6%, owning approximately 48,685 shares valued at $8.8 million as of the latest SEC filing.
• Several institutional investors, including Wellington Management Group and UBS Asset Management, also raised their positions in MYR Group, highlighting increased interest in the company.
• MYR Group reported earnings of $1.70 per share for the last quarter, surpassing analysts' expectations, with revenues up 8.6% year-over-year, reaching $900.33 million.

Allspring Global Investments Holdings LLC raised its stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 29.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 48,685 shares of the utilities provider's stock after buying an additional 11,107 shares during the period. Allspring Global Investments Holdings LLC owned about 0.31% of MYR Group worth $8,797,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of the stock. Wellington Management Group LLP raised its position in MYR Group by 11.7% during the 1st quarter. Wellington Management Group LLP now owns 452,213 shares of the utilities provider's stock valued at $51,141,000 after purchasing an additional 47,445 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of MYR Group by 214.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 302,549 shares of the utilities provider's stock valued at $34,215,000 after buying an additional 206,369 shares during the period. Hawk Ridge Capital Management LP raised its holdings in shares of MYR Group by 30.1% in the first quarter. Hawk Ridge Capital Management LP now owns 298,436 shares of the utilities provider's stock valued at $33,750,000 after acquiring an additional 69,100 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in MYR Group by 3.6% in the first quarter. Jacobs Levy Equity Management Inc. now owns 285,954 shares of the utilities provider's stock worth $32,339,000 after acquiring an additional 9,818 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in MYR Group by 4.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 252,172 shares of the utilities provider's stock worth $28,518,000 after acquiring an additional 9,971 shares in the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MYRG has been the subject of a number of recent research reports. Wall Street Zen downgraded shares of MYR Group from a "strong-buy" rating to a "buy" rating in a research note on Friday, October 3rd. The Goldman Sachs Group boosted their price target on MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. KeyCorp reaffirmed a "sector weight" rating on shares of MYR Group in a research report on Wednesday, October 1st. Stifel Nicolaus boosted their target price on shares of MYR Group from $210.00 to $226.00 and gave the stock a "buy" rating in a report on Thursday, October 9th. Finally, Jefferies Financial Group assumed coverage on shares of MYR Group in a research report on Friday, August 15th. They set a "hold" rating and a $202.00 price target for the company. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, MYR Group presently has an average rating of "Hold" and a consensus price target of $194.50.

MYR Group Trading Down 0.9%

Shares of NASDAQ:MYRG opened at $208.02 on Monday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.14. MYR Group, Inc. has a 12-month low of $97.72 and a 12-month high of $220.01. The business has a 50 day moving average of $189.70 and a two-hundred day moving average of $170.53. The company has a market capitalization of $3.23 billion, a PE ratio of 43.43 and a beta of 1.19.

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

About MYR Group

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.

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