J. Safra Sarasin Holding AG Boosts Holdings in MYR Group, Inc. $MYRG

Key Points

• J. Safra Sarasin Holding AG increased its stake in MYR Group, Inc. by 55.7% in the second quarter, now holding approximately 27,694 shares valued at around $5 million.
• Other institutional investors, including UBS AM and GAMMA Investing LLC, have also significantly boosted their holdings in MYR Group, reflecting a growing interest in the stock.
• MYR Group reported strong quarterly earnings with an EPS of $1.70, surpassing estimates, and a revenue of $900.33 million, an 8.6% increase year-over-year.

J. Safra Sarasin Holding AG raised its position in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 55.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,694 shares of the utilities provider's stock after acquiring an additional 9,909 shares during the period. J. Safra Sarasin Holding AG owned approximately 0.18% of MYR Group worth $5,025,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of MYR Group by 214.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 302,549 shares of the utilities provider's stock valued at $34,215,000 after purchasing an additional 206,369 shares during the last quarter. Nuveen LLC purchased a new stake in MYR Group in the first quarter valued at about $18,511,000. Hawk Ridge Capital Management LP raised its stake in MYR Group by 30.1% in the first quarter. Hawk Ridge Capital Management LP now owns 298,436 shares of the utilities provider's stock valued at $33,750,000 after buying an additional 69,100 shares during the last quarter. GAMMA Investing LLC boosted its holdings in MYR Group by 12,329.7% in the first 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. Finally, Trexquant Investment LP purchased a new stake in shares of MYR Group during the first quarter worth about $6,937,000. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Stock Up 0.6%

NASDAQ:MYRG opened at $203.27 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.33 and a quick ratio of 1.33. The company's fifty day moving average price is $187.11 and its 200-day moving average price is $163.58. MYR Group, Inc. has a 1-year low of $97.72 and a 1-year high of $220.01. The firm has a market capitalization of $3.16 billion, a P/E ratio of 42.44 and a beta of 1.19.

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

Analyst Ratings Changes

A number of research firms recently commented on MYRG. The Goldman Sachs Group lifted their target price on shares of MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Jefferies Financial Group initiated coverage on shares of MYR Group in a research note on Friday, August 15th. They set a "hold" rating and a $202.00 price objective for the company. KeyCorp reissued a "sector weight" rating on shares of MYR Group in a research report on Wednesday. Finally, Stifel Nicolaus set a $210.00 target price on MYR Group in a research note on Monday, August 4th. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $191.83.

MYR Group 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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