Bank of America Corp DE Purchases Shares of 122,632 MYR Group, Inc. $MYRG

Key Points

• Bank of America acquired 122,632 MYR Group shares in the second quarter, valued at approximately $61.4 million and representing a 0.79% stake. Institutional investors and hedge funds collectively own 88.9% of the company.
• MYR Group reported strong quarterly results, with EPS of $3.17 beating estimates of $2.62 and revenue rising 20.1% year over year to $1.08 billion.
• Despite the stock trading at $279.28—well below its 12-month high of $503.57—analysts maintain a consensus “Moderate Buy” rating with an average price target of $451.20.

Bank of America Corp DE acquired a new stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 122,632 shares of the utilities provider's stock, valued at approximately $61,365,000. Bank of America Corp DE owned 0.79% of MYR Group as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Kilter Group LLC acquired a new stake in shares of MYR Group in the 2nd quarter valued at $25,000. Carolina Wealth Advisors LLC purchased a new position in shares of MYR Group in the 2nd quarter valued at $30,000. Global Retirement Partners LLC acquired a new stake in MYR Group during the 2nd quarter worth $30,000. Parallel Advisors LLC lifted its position in MYR Group by 207.9% in the first quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider's stock valued at $33,000 after acquiring an additional 79 shares during the last quarter. Finally, Allworth Financial LP purchased a new stake in MYR Group in the second quarter valued at $40,000. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Stock Performance

Shares of MYRG stock opened at $279.28 on Friday. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01. The stock has a 50 day simple moving average of $328.68 and a 200-day simple moving average of $360.82. The company has a market cap of $4.35 billion, a price-to-earnings ratio of 26.50 and a beta of 1.31. MYR Group, Inc. has a 12-month low of $176.76 and a 12-month high of $503.57.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.55. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The firm had revenue of $1.08 billion during the quarter, compared to analysts' expectations of $995.74 million. During the same quarter in the prior year, the business posted $1.70 earnings per share. MYR Group's revenue was up 20.1% compared to the same quarter last year. On average, equities analysts forecast that MYR Group, Inc. will post 12.43 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MYRG. The Goldman Sachs Group reduced their price objective on MYR Group from $469.00 to $422.00 and set a "neutral" rating for the company in a research note on Thursday, August 13th. Wall Street Zen cut shares of MYR Group from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 29th. Jefferies Financial Group set a $392.00 price target on shares of MYR Group in a research report on Friday, July 10th. Robert W. Baird set a $375.00 price target on shares of MYR Group in a research note on Thursday, July 30th. Finally, Zacks Research raised shares of MYR Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 10th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $451.20.

About MYR Group

MYR Group Inc NASDAQ: MYRG is a holding company that provides specialized electrical construction and infrastructure services in the United States and Canada. Through its operating subsidiaries, the company serves utilities, renewable energy developers, commercial and industrial businesses, government entities and other customers.

Its utility infrastructure operations focus on the construction, maintenance and repair of electric transmission and distribution systems, substations, storm restoration projects and other power-delivery infrastructure.

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