MYR Group, Inc. $MYRG Shares Purchased by Vanguard Group Inc.

Key Points

• Vanguard Group boosted its stake in MYR Group by 3.3% in the fourth quarter, ending with 1,265,452 shares worth about $276.5 million. The firm now owns roughly 8.15% of the company.
• MYR Group posted a strong quarterly earnings beat, reporting $2.99 EPS versus the $2.09 estimate and $1 billion in revenue, up 20% year over year. The company also reported a net margin of 3.71% and return on equity of 22.14%.
• Analyst sentiment remains mixed but generally positive, with a consensus rating of Moderate Buy and an average price target of $292.71. Individual targets range widely, from $296 to as high as $503.

Vanguard Group Inc. increased its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 3.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,265,452 shares of the utilities provider's stock after acquiring an additional 40,164 shares during the period. Vanguard Group Inc. owned approximately 8.15% of MYR Group worth $276,501,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Farther Finance Advisors LLC boosted its holdings in MYR Group by 212.2% in the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider's stock worth $33,000 after buying an additional 104 shares during the last quarter. Signaturefd LLC raised its position in shares of MYR Group by 65.7% during the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider's stock valued at $36,000 after buying an additional 65 shares during the period. First Horizon Corp purchased a new stake in shares of MYR Group during the 3rd quarter valued at approximately $47,000. USA Financial Formulas purchased a new stake in shares of MYR Group during the 4th quarter valued at approximately $76,000. Finally, Johnson Financial Group Inc. purchased a new stake in shares of MYR Group during the 3rd quarter valued at approximately $74,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

MYR Group Stock Performance

Shares of MYRG stock opened at $437.86 on Friday. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. The firm has a fifty day moving average price of $303.61 and a 200 day moving average price of $258.91. The company has a market cap of $6.82 billion, a P/E ratio of 48.28 and a beta of 1.30. MYR Group, Inc. has a 12 month low of $152.93 and a 12 month high of $475.39.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, topping analysts' consensus estimates of $2.09 by $0.90. The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $932.45 million. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The company's revenue was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.45 earnings per share. Sell-side analysts predict that MYR Group, Inc. will post 9.84 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on MYRG. Robert W. Baird set a $373.00 target price on MYR Group in a research report on Thursday, April 30th. Zacks Research raised MYR Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, March 3rd. The Goldman Sachs Group boosted their target price on MYR Group from $248.00 to $296.00 and gave the company a "neutral" rating in a research report on Tuesday, March 3rd. Weiss Ratings reissued a "buy (b-)" rating on shares of MYR Group in a research report on Tuesday, April 21st. Finally, Stifel Nicolaus set a $503.00 target price on MYR Group in a research report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $292.71.

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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