J. Safra Sarasin Holding AG Purchases Shares of 17,785 MYR Group, Inc. (NASDAQ:MYRG)

J. Safra Sarasin Holding AG bought a new position in MYR Group, Inc. (NASDAQ:MYRG - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 17,785 shares of the utilities provider's stock, valued at approximately $2,011,000. J. Safra Sarasin Holding AG owned about 0.11% of MYR Group at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of MYRG. Versant Capital Management Inc raised its stake in MYR Group by 85.4% during the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock valued at $52,000 after buying an additional 210 shares during the last quarter. Quadrant Capital Group LLC raised its stake in MYR Group by 52.4% in the fourth quarter. Quadrant Capital Group LLC now owns 666 shares of the utilities provider's stock valued at $99,000 after buying an additional 229 shares during the last quarter. ANTIPODES PARTNERS Ltd lifted its position in MYR Group by 16.3% during the first quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider's stock valued at $81,000 after purchasing an additional 101 shares during the period. CWM LLC boosted its stake in shares of MYR Group by 176.9% during the 1st quarter. CWM LLC now owns 1,293 shares of the utilities provider's stock worth $146,000 after acquiring an additional 826 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in shares of MYR Group by 234.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,337 shares of the utilities provider's stock worth $199,000 after purchasing an additional 937 shares in the last quarter. Hedge funds and other 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. The Goldman Sachs Group boosted their target price on shares of MYR Group from $168.00 to $205.00 and gave the company a "neutral" rating in a report on Thursday. 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 report on Thursday, May 1st. Stifel Nicolaus set a $210.00 price target on MYR Group in a research note on Monday. Wall Street Zen upgraded shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Finally, Piper Sandler boosted their price objective on MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 27th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $189.80.

MYR Group Price Performance

MYRG stock traded down $0.48 during midday trading on Thursday, reaching $185.24. 85,252 shares of the company's stock traded hands, compared to its average volume of 214,106. The company has a 50-day simple moving average of $179.36 and a two-hundred day simple moving average of $148.48. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14. The company has a market cap of $2.87 billion, a price-to-earnings ratio of 38.55 and a beta of 1.17. MYR Group, Inc. has a 1-year low of $86.60 and a 1-year high of $220.01.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $1.70 EPS for the quarter, beating 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 company had revenue of $900.33 million during the quarter, compared to analysts' expectations of $828.20 million. During the same period in the prior year, the business posted ($0.91) EPS. MYR Group's revenue was up 8.6% on a year-over-year basis. On average, analysts anticipate that MYR Group, Inc. will post 1.16 earnings per share for the current 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.