MYR Group Inc. (NASDAQ:MYRG) Shares Bought by Mackenzie Financial Corp

Mackenzie Financial Corp grew its stake in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 121.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,815 shares of the utilities provider's stock after acquiring an additional 5,930 shares during the period. Mackenzie Financial Corp owned about 0.07% of MYR Group worth $1,609,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Wellington Management Group LLP acquired a new stake in shares of MYR Group in the 4th quarter worth approximately $60,217,000. ACK Asset Management LLC acquired a new position in shares of MYR Group during the 4th quarter worth $29,754,000. T. Rowe Price Investment Management Inc. grew its stake in 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 valued at $79,942,000 after acquiring an additional 159,302 shares during the last quarter. Millennium Management LLC raised its position in MYR Group by 38.4% during the fourth quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider's stock worth $68,706,000 after acquiring an additional 128,159 shares during the last quarter. Finally, Next Century Growth Investors LLC grew its position in shares of MYR Group by 513.8% in the fourth quarter. Next Century Growth Investors LLC now owns 151,610 shares of the utilities provider's stock valued at $22,555,000 after purchasing an additional 126,910 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MYRG. Piper Sandler raised their price target 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 target price on shares of MYR Group from $136.00 to $163.00 and gave the company an "overweight" rating in a research note on Friday, May 2nd. Stifel Nicolaus reduced their target price on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. 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. Finally, Robert W. Baird boosted their price objective 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. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $152.40.

MYR Group Trading Down 1.1%

Shares of NASDAQ MYRG traded down $1.77 on Wednesday, reaching $160.29. 201,069 shares of the company traded hands, compared to its average volume of 223,686. The stock has a market capitalization of $2.49 billion, a PE ratio of 70.00 and a beta of 1.06. MYR Group Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $168.88. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The company has a 50 day moving average of $136.33 and a 200 day moving average of $139.78.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.45 EPS for the quarter, topping the consensus estimate of $1.18 by $0.27. The firm had revenue of $833.62 million during the quarter, compared to analyst estimates of $788.98 million. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. MYR Group's revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.12 earnings per share. On average, equities research analysts forecast that MYR Group Inc. will post 1.16 earnings per share for the current fiscal year.

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.