Assenagon Asset Management S.A. Has $5.11 Million Position in MYR Group Inc. (NASDAQ:MYRG)

Assenagon Asset Management S.A. trimmed its holdings in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 42.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,225 shares of the utilities provider's stock after selling 32,972 shares during the period. Assenagon Asset Management S.A. owned 0.28% of MYR Group worth $5,114,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. ANTIPODES PARTNERS Ltd grew its holdings in MYR Group by 13.2% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider's stock valued at $92,000 after purchasing an additional 72 shares during the period. Captrust Financial Advisors grew its holdings in MYR Group by 0.9% during the fourth quarter. Captrust Financial Advisors now owns 8,519 shares of the utilities provider's stock valued at $1,267,000 after purchasing an additional 75 shares during the period. Morgan Dempsey Capital Management LLC grew its holdings in MYR Group by 17.5% during the fourth quarter. Morgan Dempsey Capital Management LLC now owns 1,317 shares of the utilities provider's stock valued at $196,000 after purchasing an additional 196 shares during the period. Bank of Montreal Can grew its holdings in MYR Group by 6.3% during the fourth quarter. Bank of Montreal Can now owns 3,356 shares of the utilities provider's stock valued at $499,000 after purchasing an additional 199 shares during the period. Finally, Versant Capital Management Inc grew its holdings in MYR Group by 85.4% during the first quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock valued at $52,000 after purchasing an additional 210 shares during the period. 88.90% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. The Goldman Sachs Group cut shares of MYR Group from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $145.00 to $168.00 in a report on Friday, June 6th. Piper Sandler boosted their price objective on shares of MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. Robert W. Baird boosted their price objective on shares of MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Wall Street Zen upgraded shares of MYR Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. Finally, KeyCorp upped their price target on shares of MYR Group from $136.00 to $163.00 and gave the company an "overweight" rating in a report on Friday, May 2nd. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, MYR Group currently has a consensus rating of "Moderate Buy" and an average price target of $157.00.

MYR Group Stock Down 1.2%

Shares of MYR Group stock traded down $1.99 on Friday, hitting $163.39. The company had a trading volume of 130,021 shares, compared to its average volume of 225,775. The firm has a market capitalization of $2.54 billion, a P/E ratio of 71.35 and a beta of 1.17. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $168.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. The stock has a 50-day moving average of $144.01 and a 200-day moving average of $140.38.

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