Swedbank AB Lowers Stock Position in MYR Group, Inc. $MYRG

Key Points

• Swedbank AB has reduced its stake in MYR Group by 45.9% in the first quarter, now holding 30,900 shares valued at approximately $3.49 million.
• Other institutional investors have increased their stakes, including GAMMA Investing LLC, which boosted its holdings by 12,329.7%.
• MYR Group reported earnings of $1.70 per share for the last quarter, exceeding analysts' expectations, and generated revenues of $900.33 million, an 8.6% increase year-over-year.

Swedbank AB trimmed its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 45.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 30,900 shares of the utilities provider's stock after selling 26,200 shares during the period. Swedbank AB owned 0.20% of MYR Group worth $3,494,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Quarry LP raised its stake in MYR Group by 190.4% during the first quarter. Quarry LP now owns 273 shares of the utilities provider's stock worth $31,000 after acquiring an additional 179 shares during the period. Caitong International Asset Management Co. Ltd boosted its stake in MYR Group by 92.7% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider's stock worth $39,000 after purchasing an additional 165 shares during the period. Versant Capital Management Inc boosted its stake in MYR Group by 85.4% in the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock worth $52,000 after purchasing an additional 210 shares during the period. ANTIPODES PARTNERS Ltd boosted its stake in MYR Group by 16.3% in the 1st quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider's stock worth $81,000 after purchasing an additional 101 shares during the period. Finally, CWM LLC boosted its stake in shares of MYR Group by 176.9% during the 1st quarter. CWM LLC now owns 1,293 shares of the utilities provider's stock valued at $146,000 after buying an additional 826 shares during the period. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Stock Performance

NASDAQ MYRG traded down $5.23 during trading on Friday, reaching $178.85. The company's stock had a trading volume of 511,069 shares, compared to its average volume of 168,040. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of 37.34 and a beta of 1.18. MYR Group, Inc. has a 12 month low of $97.72 and a 12 month high of $220.01. The firm has a 50 day moving average price of $185.77 and a 200 day moving average price of $158.51.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.56 by $0.14. The firm had revenue of $900.33 million during the quarter, compared to the consensus estimate of $828.20 million. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The business's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.91) EPS. As a group, equities analysts anticipate that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MYRG. Jefferies Financial Group began coverage on shares of MYR Group in a research note on Friday, August 15th. They set a "hold" rating and a $202.00 target price for the company. Stifel Nicolaus set a $210.00 target price on shares of MYR Group in a research report on Monday, August 4th. KeyCorp boosted their price objective on shares of MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. The Goldman Sachs Group boosted their price objective on shares of MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Finally, Wall Street Zen raised shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $191.83.

About MYR Group

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.