Mackenzie Financial Corp Increases Position in MYR Group, Inc. (NASDAQ:MYRG)

Key Points

• Mackenzie Financial Corp increased its holdings in MYR Group by 30.5% in Q1, owning 14,117 shares worth approximately $1.6 million.
• Other institutional investors are also increasing their positions, with GAMMA Investing LLC boosting its stake by 12,329.7% during the same period.
• MYR Group reported a quarterly revenue of $900.33 million, exceeding estimates, and achieved earnings of $1.70 per share, surpassing the consensus estimate of $1.56.

Mackenzie Financial Corp boosted its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 30.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,117 shares of the utilities provider's stock after buying an additional 3,302 shares during the quarter. Mackenzie Financial Corp owned 0.09% of MYR Group worth $1,596,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. grew its position in shares of MYR Group by 42.1% during the fourth 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 in the last quarter. Millennium Management LLC raised its holdings in 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. Wellington Management Group LLP purchased a new position in MYR Group in the fourth quarter worth approximately $60,217,000. Jacobs Levy Equity Management Inc. grew its holdings in MYR Group by 16.9% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 276,136 shares of the utilities provider's stock worth $41,081,000 after acquiring an additional 39,954 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its position in shares of MYR Group by 18.3% in the 4th quarter. Ameriprise Financial Inc. now owns 263,530 shares of the utilities provider's stock valued at $39,205,000 after purchasing an additional 40,827 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MYRG. KeyCorp raised their price objective on shares of MYR Group from $205.00 to $211.00 and gave the company an "overweight" rating in a report on Friday, August 1st. The Goldman Sachs Group raised their price target on MYR Group from $168.00 to $205.00 and gave the company a "neutral" rating in a research note on Thursday. Robert W. Baird lifted their price target on MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Stifel Nicolaus set a $210.00 price objective on MYR Group in a report on Monday. Finally, Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Two 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. According to data from MarketBeat, MYR Group has a consensus rating of "Moderate Buy" and a consensus target price of $189.80.

MYR Group Stock Performance

NASDAQ MYRG traded down $0.50 during trading hours on Friday, hitting $185.14. The company had a trading volume of 66,759 shares, compared to its average volume of 213,704. The business has a 50 day moving average of $179.91 and a 200-day moving average of $148.74. The company has a market cap of $2.87 billion, a PE ratio of 38.63 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. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.33 and a current ratio of 1.33.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly 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 firm had revenue of $900.33 million for the quarter, compared to the consensus estimate of $828.20 million. During the same quarter last year, the business posted ($0.91) EPS. The firm's quarterly revenue was up 8.6% compared to the same quarter last year. As a group, equities research analysts expect that MYR Group, Inc. will post 1.16 EPS 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.