Mackenzie Financial Corp Raises Stake 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 MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 30.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,117 shares of the utilities provider's stock after buying an additional 3,302 shares during the quarter. Mackenzie Financial Corp owned approximately 0.09% of MYR Group worth $1,596,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of MYRG. Captrust Financial Advisors boosted its stake in MYR Group by 0.9% during the 4th quarter. Captrust Financial Advisors now owns 8,519 shares of the utilities provider's stock valued at $1,267,000 after purchasing an additional 75 shares during the last quarter. ANTIPODES PARTNERS Ltd lifted its stake in MYR Group by 16.3% during the 1st quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider's stock valued at $81,000 after acquiring an additional 101 shares in the last quarter. Bank of Montreal Can raised its holdings in shares of MYR Group by 6.3% in the fourth quarter. Bank of Montreal Can now owns 3,356 shares of the utilities provider's stock valued at $499,000 after purchasing an additional 199 shares during the last quarter. Versant Capital Management Inc lifted its position 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 valued at $52,000 after purchasing an additional 210 shares in the last quarter. Finally, Quadrant Capital Group LLC grew its position in MYR Group by 52.4% in the 4th quarter. Quadrant Capital Group LLC now owns 666 shares of the utilities provider's stock worth $99,000 after purchasing an additional 229 shares in the last quarter. 88.90% of the stock is owned by institutional investors.

MYR Group Trading Down 0.9%

MYR Group stock traded down $1.75 during mid-day trading on Wednesday, hitting $185.71. The company's stock had a trading volume of 238,824 shares, compared to its average volume of 215,018. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.33 and a current ratio of 1.33. The stock has a market cap of $2.88 billion, a PE ratio of 38.77 and a beta of 1.17. The company has a 50 day moving average of $178.83 and a 200-day moving average of $148.22. MYR Group, Inc. has a one year low of $86.60 and a one year high of $220.01.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted 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. The business had revenue of $900.33 million during the quarter, compared to analysts' expectations of $828.20 million. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The business's quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.91) earnings per share. On average, research analysts anticipate that MYR Group, Inc. will post 1.16 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on MYRG shares. Wall Street Zen raised shares of MYR Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. 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. Piper Sandler boosted their price objective on shares of MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. Stifel Nicolaus set a $210.00 price objective on MYR Group in a research note on Monday. Finally, KeyCorp boosted their target price on MYR Group from $205.00 to $211.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, MYR Group presently has an average rating of "Moderate Buy" and an average price target of $182.40.

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.