J. Safra Sarasin Holding AG Takes $2.01 Million Position in MYR Group, Inc. (NASDAQ:MYRG)

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

Several other hedge funds have also recently bought and sold shares of MYRG. Captrust Financial Advisors boosted its holdings in MYR Group by 0.9% in the fourth quarter. Captrust Financial Advisors now owns 8,519 shares of the utilities provider's stock valued at $1,267,000 after acquiring an additional 75 shares during the last quarter. ANTIPODES PARTNERS Ltd boosted its holdings in MYR Group by 16.3% in the first quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider's stock valued at $81,000 after acquiring an additional 101 shares during the last quarter. US Bancorp DE lifted its stake in shares of MYR Group by 2.4% during the first quarter. US Bancorp DE now owns 6,261 shares of the utilities provider's stock worth $708,000 after purchasing an additional 144 shares in the last quarter. Bank of Montreal Can lifted its stake in shares of MYR Group by 6.3% during the fourth quarter. Bank of Montreal Can now owns 3,356 shares of the utilities provider's stock worth $499,000 after purchasing an additional 199 shares in the last quarter. Finally, Versant Capital Management Inc lifted its stake in shares of MYR Group by 85.4% during the first quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock worth $52,000 after purchasing an additional 210 shares in the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Price Performance

MYRG traded down $1.25 during trading on Tuesday, reaching $187.46. The stock had a trading volume of 208,433 shares, compared to its average volume of 167,901. MYR Group, Inc. has a 1-year low of $86.60 and a 1-year high of $220.01. The stock has a 50 day moving average of $178.30 and a two-hundred day moving average of $147.95. The firm has a market capitalization of $2.91 billion, a price-to-earnings ratio of 39.14 and a beta of 1.17. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14.

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

Wall Street Analyst Weigh In

MYRG has been the topic of a number of analyst reports. Robert W. Baird lifted their target price on MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Stifel Nicolaus lifted their target price on MYR Group from $174.00 to $204.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Piper Sandler lifted their target price on MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 27th. KeyCorp boosted their price objective on MYR Group from $205.00 to $211.00 and gave the company an "overweight" rating in a report on Friday. Finally, The Goldman Sachs Group lowered MYR Group from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $145.00 to $168.00 in a report on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, MYR Group currently has an average rating of "Moderate Buy" and an average target price of $181.20.

About MYR Group

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.