Swedbank AB Acquires 6,300 Shares of MYR Group, Inc. $MYRG

Key Points

• Swedbank AB increased its stake in MYR Group by 20.4% in the fourth quarter, buying an additional 6,300 shares and bringing its total holding to 37,200 shares worth about $8.1 million.
• MYR Group reported stronger-than-expected quarterly results, posting EPS of $2.99 versus the $2.09 estimate and revenue of $1.0 billion versus $932.45 million expected. Revenue rose 20% year over year.
• Wall Street sentiment remains constructive, with a consensus rating of “Moderate Buy” and an average price target of $292.71, though individual analyst targets vary widely.

Swedbank AB grew its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 20.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,200 shares of the utilities provider's stock after buying an additional 6,300 shares during the quarter. Swedbank AB owned 0.24% of MYR Group worth $8,128,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in MYR Group by 14.7% during the third quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider's stock valued at $254,897,000 after purchasing an additional 157,157 shares during the period. SG Americas Securities LLC purchased a new stake in MYR Group during the third quarter valued at approximately $1,516,000. Fisher Asset Management LLC raised its position in MYR Group by 0.9% during the third quarter. Fisher Asset Management LLC now owns 450,402 shares of the utilities provider's stock valued at $93,697,000 after purchasing an additional 4,203 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH raised its position in MYR Group by 138.9% during the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 35,779 shares of the utilities provider's stock valued at $7,443,000 after purchasing an additional 20,804 shares during the period. Finally, Y Intercept Hong Kong Ltd raised its position in MYR Group by 557.5% during the third quarter. Y Intercept Hong Kong Ltd now owns 23,952 shares of the utilities provider's stock valued at $4,983,000 after purchasing an additional 20,309 shares during the period. Institutional investors own 88.90% of the company's stock.

MYR Group Stock Up 2.5%

Shares of NASDAQ MYRG opened at $437.86 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.31 and a quick ratio of 1.31. 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 1 year low of $152.93 and a 1 year high of $475.39. The firm has a 50-day simple moving average of $303.61 and a two-hundred day simple moving average of $258.91.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.90. The business 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 firm's quarterly revenue was up 20.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.45 earnings per share. Research analysts anticipate that MYR Group, Inc. will post 9.84 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Cantor Fitzgerald upped their price objective on MYR Group from $285.00 to $311.00 and gave the company an "overweight" rating in a research report on Monday, March 2nd. Weiss Ratings restated a "buy (b-)" rating on shares of MYR Group in a research report on Tuesday, April 21st. Stifel Nicolaus set a $503.00 price objective on MYR Group in a research report on Monday, May 4th. Zacks Research raised shares of MYR Group from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, March 3rd. Finally, The Goldman Sachs Group raised their price objective on shares of MYR Group from $248.00 to $296.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, MYR Group has a consensus rating of "Moderate Buy" and an average 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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