Massachusetts Financial Services Co. MA Takes $47.01 Million Position in MYR Group, Inc. $MYRG

Key Points

• Massachusetts Financial Services Co. MA purchased a new stake of 215,156 shares in MYR Group (NASDAQ:MYRG) valued at about $47.01 million, representing roughly 1.39% ownership.
• MYR Group beat expectations in its latest quarter, reporting EPS of $2.33 vs. $1.73 expected and revenue of $973.5 million (up 17.3% year‑over‑year).
• Several brokerages upgraded MYR, with Stifel raising its target to $305 (buy) and Cantor Fitzgerald to $311 (overweight); the consensus rating is a “Moderate Buy” with a $235.43 target.

Massachusetts Financial Services Co. MA purchased a new stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 215,156 shares of the utilities provider's stock, valued at approximately $47,012,000. Massachusetts Financial Services Co. MA owned about 1.39% of MYR Group at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Smartleaf Asset Management LLC grew its position in shares of MYR Group by 12.7% in the third quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider's stock valued at $86,000 after purchasing an additional 47 shares during the last quarter. Inspire Investing LLC grew its position in shares of MYR Group by 2.6% in the third quarter. Inspire Investing LLC now owns 2,198 shares of the utilities provider's stock valued at $457,000 after purchasing an additional 56 shares during the last quarter. Signaturefd LLC boosted its position in MYR Group by 65.7% during the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider's stock worth $36,000 after acquiring an additional 65 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in MYR Group by 8.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,300 shares of the utilities provider's stock worth $270,000 after acquiring an additional 100 shares during the last quarter. Finally, Strs Ohio boosted its position in MYR Group by 1.8% during the third quarter. Strs Ohio now owns 5,600 shares of the utilities provider's stock worth $1,165,000 after acquiring an additional 100 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on MYRG. Stifel Nicolaus raised their target price on shares of MYR Group from $262.00 to $305.00 and gave the stock a "buy" rating in a research report on Tuesday, March 3rd. Zacks Research upgraded shares of MYR Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, March 3rd. Cantor Fitzgerald raised their target price on shares of MYR Group from $285.00 to $311.00 and gave the stock an "overweight" rating in a research report on Monday, March 2nd. Wall Street Zen upgraded shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Sunday, December 21st. Finally, Weiss Ratings upgraded shares of MYR Group from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, January 22nd. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $235.43.

MYR Group Stock Up 0.8%

Shares of NASDAQ MYRG opened at $322.07 on Wednesday. MYR Group, Inc. has a 1 year low of $106.52 and a 1 year high of $323.82. The firm's 50 day moving average price is $276.02 and its 200 day moving average price is $242.33. The firm has a market cap of $5.00 billion, a P/E ratio of 42.77 and a beta of 1.07. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.33 and a current ratio of 1.33.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings results on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share for the quarter, beating analysts' consensus estimates of $1.73 by $0.60. The company had revenue of $973.54 million for the quarter, compared to analyst estimates of $897.73 million. MYR Group had a net margin of 3.24% and a return on equity of 19.66%. MYR Group's revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter last year, the business earned $0.99 EPS. As a group, sell-side analysts anticipate that MYR Group, Inc. will post 1.16 earnings per share for the current year.

MYR Group Profile

MYR Group Inc NASDAQ: MYRG is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.

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