Bank of America Corp DE Has $22.68 Million Stake in MYR Group Inc. (NASDAQ:MYRG)

Bank of America Corp DE raised its holdings in MYR Group Inc. (NASDAQ:MYRG - Free Report) by 4.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 152,440 shares of the utilities provider's stock after buying an additional 6,041 shares during the quarter. Bank of America Corp DE owned 0.95% of MYR Group worth $22,678,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. ANTIPODES PARTNERS Ltd grew its holdings in shares of MYR Group by 13.2% in the 4th quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider's stock worth $92,000 after purchasing an additional 72 shares during the last quarter. MCF Advisors LLC grew its holdings in shares of MYR Group by 470.0% in the 4th quarter. MCF Advisors LLC now owns 171 shares of the utilities provider's stock worth $25,000 after purchasing an additional 141 shares during the last quarter. Morgan Dempsey Capital Management LLC grew its holdings in MYR Group by 17.5% during the 4th quarter. Morgan Dempsey Capital Management LLC now owns 1,317 shares of the utilities provider's stock worth $196,000 after acquiring an additional 196 shares during the last quarter. Bank of Montreal Can grew its holdings in MYR Group by 6.3% during the 4th quarter. Bank of Montreal Can now owns 3,356 shares of the utilities provider's stock worth $499,000 after acquiring an additional 199 shares during the last quarter. Finally, Rhumbline Advisers grew its holdings in MYR Group by 0.5% during the 4th quarter. Rhumbline Advisers now owns 45,246 shares of the utilities provider's stock worth $6,731,000 after acquiring an additional 216 shares during the last quarter. Institutional investors own 88.90% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on MYRG. KeyCorp increased their price objective on shares of MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a report on Friday, May 2nd. Robert W. Baird increased their price objective on shares of MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Piper Sandler increased their price objective on shares of MYR Group from $124.00 to $138.00 and gave the stock a "neutral" rating in a report on Monday, May 5th. Stifel Nicolaus decreased their price objective 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. Finally, Wall Street Zen raised shares of MYR Group from a "buy" rating to a "strong-buy" rating in a report on Saturday. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $149.40.

MYR Group Stock Up 0.2%

MYRG stock traded up $0.34 during mid-day trading on Friday, hitting $157.41. 221,845 shares of the company were exchanged, compared to its average volume of 221,646. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. The firm has a market cap of $2.44 billion, a P/E ratio of 68.74 and a beta of 1.06. The firm's 50 day simple moving average is $130.63 and its 200 day simple moving average is $139.11. MYR Group Inc. has a 1-year low of $86.60 and a 1-year high of $168.88.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.27. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The business had revenue of $833.62 million during the quarter, compared to analysts' expectations of $788.98 million. During the same period last year, the business earned $1.12 earnings per share. The firm's revenue was up 2.2% on a year-over-year basis. On average, sell-side analysts predict that MYR Group Inc. will post 1.16 EPS for the current fiscal 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.