Erste Asset Management GmbH Has $2.74 Million Stock Position in MYR Group, Inc. $MYRG

Key Points

• Erste Asset Management GmbH reduced its holdings in MYR Group by 24.0%, selling 7,433 shares, and now owns approximately 0.15% of the company worth $2.73 million.
• Several institutional investors have made new purchases or increased their stakes in MYR Group, with 88.90% of the stock now owned by such investors.
• Wall Street analysts have raised their price targets for MYR Group, with an average price target of $191.83 and a consensus rating of "Moderate Buy."

Erste Asset Management GmbH trimmed its holdings in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 24.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,518 shares of the utilities provider's stock after selling 7,433 shares during the quarter. Erste Asset Management GmbH owned 0.15% of MYR Group worth $2,735,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP bought a new position in MYR Group in the fourth quarter valued at about $60,217,000. Nuveen LLC bought a new position in MYR Group during the 1st quarter valued at approximately $18,511,000. T. Rowe Price Investment Management Inc. boosted its stake in shares of MYR Group by 42.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider's stock worth $79,942,000 after buying an additional 159,302 shares during the last quarter. Millennium Management LLC lifted its position in shares of MYR Group by 38.4% in the fourth quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider's stock valued at $68,706,000 after acquiring an additional 128,159 shares in the last quarter. Finally, Voya Investment Management LLC grew its stake in shares of MYR Group by 185.0% during the fourth quarter. Voya Investment Management LLC now owns 165,447 shares of the utilities provider's stock valued at $24,614,000 after buying an additional 107,403 shares during the last quarter. Institutional investors own 88.90% of the company's stock.

MYR Group Price Performance

MYRG traded down $0.55 during trading on Wednesday, hitting $187.62. The company's stock had a trading volume of 30,600 shares, compared to its average volume of 212,421. MYR Group, Inc. has a twelve month low of $86.60 and a twelve month high of $220.01. The firm has a market capitalization of $2.91 billion, a price-to-earnings ratio of 39.17 and a beta of 1.17. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.14. The business's fifty day simple moving average is $185.43 and its 200 day simple moving average is $152.21.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its earnings results on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.56 by $0.14. MYR Group had a return on equity of 13.16% and a net margin of 2.21%.The business had revenue of $900.33 million during the quarter, compared to the consensus estimate of $828.20 million. During the same period in the prior year, the business posted ($0.91) EPS. The company's revenue for the quarter was up 8.6% on a year-over-year basis. On average, equities research analysts forecast that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on MYRG shares. KeyCorp raised their target price on MYR Group from $205.00 to $211.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Piper Sandler upped their target price 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. Wall Street Zen raised shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Robert W. Baird upped their price target 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. Finally, Stifel Nicolaus set a $210.00 target price on shares of MYR Group in a research report on Monday, August 4th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $191.83.

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.