Diversify Advisory Services LLC Buys 4,488 Shares of MYR Group, Inc. $MYRG

Key Points

• Diversify Advisory Services initiated a position in MYR Group by purchasing 4,488 shares valued at approximately $1.28 million. Institutional investors collectively own 88.9% of the company.
• Analyst sentiment remains positive overall, with MYR Group carrying a “Moderate Buy” consensus rating and an average price target of $406.60, despite mixed recent rating changes.
• MYR Group reported quarterly earnings of $3.17 per share, exceeding estimates of $2.62, while revenue rose 20.1% year over year to $1.08 billion.

Diversify Advisory Services LLC acquired a new position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 4,488 shares of the utilities provider's stock, valued at approximately $1,282,000.

Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in MYR Group during the second quarter valued at about $1,232,294,000. Dimensional Fund Advisors LP raised its position in shares of MYR Group by 2.8% in the first quarter. Dimensional Fund Advisors LP now owns 376,175 shares of the utilities provider's stock valued at $106,187,000 after purchasing an additional 10,198 shares during the period. Bank of America Corp DE purchased a new stake in shares of MYR Group during the 2nd quarter valued at approximately $61,365,000. First Trust Advisors LP boosted its holdings in shares of MYR Group by 23.5% in the first quarter. First Trust Advisors LP now owns 203,732 shares of the utilities provider's stock worth $57,518,000 after acquiring an additional 38,726 shares during the period. Finally, Bank of New York Mellon Corp bought a new position in MYR Group in the 2nd quarter worth about $53,361,000. Institutional investors own 88.90% of the company's stock.

Wall Street Analyst Weigh In

MYRG has been the topic of several recent analyst reports. Robert W. Baird set a $375.00 price target on MYR Group in a report on Thursday, July 30th. Zacks Research downgraded MYR Group from a "strong-buy" rating to a "hold" rating in a research report on Friday, October 2nd. Jefferies Financial Group upgraded MYR Group from a "hold" rating to a "buy" rating and dropped their price objective for the stock from $377.00 to $370.00 in a report on Tuesday, October 6th. Stifel Nicolaus reduced their price target on shares of MYR Group from $445.00 to $393.00 and set a "buy" rating on the stock in a research report on Thursday, October 8th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $331.00 target price on shares of MYR Group in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $406.60.

MYR Group Stock Performance

Shares of NASDAQ MYRG opened at $254.49 on Friday. The stock has a market cap of $3.96 billion, a PE ratio of 24.15 and a beta of 1.32. MYR Group, Inc. has a 1 year low of $199.30 and a 1 year high of $503.57. The firm has a fifty day moving average price of $293.94 and a 200-day moving average price of $364.43. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, beating analysts' consensus estimates of $2.62 by $0.55. The company had revenue of $1.08 billion for the quarter, compared to analysts' expectations of $995.74 million. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. MYR Group's revenue for the quarter was up 20.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.70 EPS. Equities analysts anticipate that MYR Group, Inc. will post 12.43 earnings per share for the current fiscal year.

MYR Group Profile

MYR Group Inc is a holding company that operates specialty electrical infrastructure contracting businesses in the United States and Canada. Its companies provide construction, maintenance, repair and emergency restoration services for electric power infrastructure and other complex electrical systems.

MYR Group operates through two primary segments: Transmission and Distribution and Commercial and Industrial. Its transmission and distribution work includes overhead and underground power lines, substations and related utility infrastructure.

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