Deutsche Bank AG Acquires 18,831 Shares of MYR Group Inc. (NASDAQ:MYRG)

Deutsche Bank AG raised its position in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 187.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,884 shares of the utilities provider's stock after acquiring an additional 18,831 shares during the period. Deutsche Bank AG owned approximately 0.18% of MYR Group worth $4,297,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of MYRG. Wellington Management Group LLP bought a new stake in MYR Group during the fourth quarter valued at about $60,217,000. ACK Asset Management LLC acquired a new position in MYR Group in the fourth quarter worth about $29,754,000. T. Rowe Price Investment Management Inc. raised its position in MYR Group by 42.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider's stock worth $79,942,000 after purchasing an additional 159,302 shares in the last quarter. Next Century Growth Investors LLC raised its position in MYR Group by 513.8% in the fourth quarter. Next Century Growth Investors LLC now owns 151,610 shares of the utilities provider's stock worth $22,555,000 after purchasing an additional 126,910 shares in the last quarter. Finally, Voya Investment Management LLC raised its position in MYR Group by 185.0% in the fourth quarter. Voya Investment Management LLC now owns 165,447 shares of the utilities provider's stock worth $24,614,000 after purchasing an additional 107,403 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MYRG has been the subject of several recent analyst reports. The Goldman Sachs Group dropped their price objective on shares of MYR Group from $164.00 to $145.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Robert W. Baird increased their price target on shares of MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Piper Sandler raised their price objective on shares of MYR Group from $124.00 to $138.00 and gave the company a "neutral" rating in a research note on Monday, May 5th. Stifel Nicolaus reduced their price objective on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a research note on Wednesday, April 9th. Finally, StockNews.com raised shares of MYR Group from a "hold" rating to a "buy" rating in a research note on Monday, May 5th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, MYR Group presently has a consensus rating of "Moderate Buy" and an average price target of $149.40.

MYR Group Trading Down 0.4%

Shares of NASDAQ:MYRG opened at $163.94 on Tuesday. MYR Group Inc. has a 12 month low of $86.60 and a 12 month high of $168.88. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. The company's fifty day simple moving average is $127.32 and its 200 day simple moving average is $138.56. The firm has a market cap of $2.54 billion, a price-to-earnings ratio of 71.59 and a beta of 1.06.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $833.62 million for the quarter, compared to analyst estimates of $788.98 million. During the same period in the previous year, the business earned $1.12 EPS. The company's revenue was up 2.2% compared to the same quarter last year. As a group, research analysts forecast that MYR Group Inc. will post 1.16 EPS for the current fiscal year.

MYR Group Company 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.

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