Assenagon Asset Management S.A. lessened its stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 42.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor 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 hedge funds have also made changes to their positions in the company. SG Americas Securities LLC acquired a new stake in MYR Group in the 1st quarter valued at about $440,000. GAMMA Investing LLC lifted its stake in MYR Group by 12,329.7% in the 1st quarter. GAMMA Investing LLC now owns 68,985 shares of the utilities provider's stock worth $7,802,000 after acquiring an additional 68,430 shares in the last quarter. Versant Capital Management Inc boosted its holdings in shares of MYR Group by 85.4% during the first quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock worth $52,000 after purchasing an additional 210 shares during the period. Wellington Management Group LLP purchased a new position in shares of MYR Group during the 4th quarter valued at $60,217,000. Finally, Mackenzie Financial Corp grew its stake in MYR Group by 121.4% in the fourth quarter. Mackenzie Financial Corp now owns 10,815 shares of the utilities provider's stock valued at $1,609,000 after purchasing an additional 5,930 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.
MYR Group Stock Performance
Shares of MYR Group stock traded up $2.73 on Wednesday, reaching $169.72. The stock had a trading volume of 117,236 shares, compared to its average volume of 225,646. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.31 and a current ratio of 1.31. The business's 50-day moving average price is $146.30 and its two-hundred day moving average price is $140.49. The stock has a market cap of $2.63 billion, a P/E ratio of 77.85 and a beta of 1.17. MYR Group, Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $171.43.
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 1.02% and a return on equity of 5.84%. The firm had revenue of $833.62 million for the quarter, compared to the consensus estimate of $788.98 million. During the same quarter last year, the firm posted $1.12 EPS. The business's quarterly revenue was up 2.2% on a year-over-year basis. On average, sell-side analysts forecast that MYR Group, Inc. will post 1.16 EPS for the current year.
Wall Street Analyst Weigh In
Several equities research analysts have recently issued reports on MYRG shares. Wall Street Zen upgraded MYR Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. KeyCorp lifted their target price on shares of MYR Group from $136.00 to $163.00 and gave the company an "overweight" rating in a research note on Friday, May 2nd. The Goldman Sachs Group downgraded shares of MYR Group from a "buy" rating to a "neutral" rating and boosted their target price for the stock from $145.00 to $168.00 in a research report on Friday, June 6th. Piper Sandler lifted their price objective on shares of MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a research note on Tuesday, May 27th. Finally, Stifel Nicolaus lowered their target price on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, MYR Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $157.00.
Check Out Our Latest Stock Report on MYRG
About MYR Group
(
Free Report)
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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