The Manufacturers Life Insurance Company Makes New $3.79 Million Investment in MYR Group, Inc. $MYRG

Key Points

• The Manufacturers Life Insurance Company acquired 7,575 MYR Group shares worth approximately $3.79 million during the second quarter. Institutional investors collectively own 88.9% of the company.
• Analyst sentiment is positive overall, with MYR Group receiving a consensus “Moderate Buy” rating and an average price target of $451.20; ratings range from Strong Buy to Hold.
• MYR Group exceeded quarterly expectations, reporting $3.17 in earnings per share versus a $2.62 estimate and $1.08 billion in revenue, up 20.1% year over year. Shares opened at $286.46, down 1.7%.

The Manufacturers Life Insurance Company acquired a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 7,575 shares of the utilities provider's stock, valued at approximately $3,791,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. First Trust Advisors LP boosted its stake in shares of MYR Group by 23.5% during the 1st quarter. First Trust Advisors LP now owns 203,732 shares of the utilities provider's stock worth $57,518,000 after purchasing an additional 38,726 shares during the period. Geode Capital Management LLC raised its position in MYR Group by 3.5% in the 4th quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider's stock worth $86,574,000 after purchasing an additional 13,511 shares during the period. Hel Ved Capital Management Ltd purchased a new stake in MYR Group in the 4th quarter worth about $3,525,000. BlackRock Inc. bought a new stake in MYR Group in the second quarter worth about $1,232,294,000. Finally, Abacus FCF Advisors LLC bought a new stake in MYR Group in the second quarter worth about $11,772,000. Hedge funds and other institutional investors own 88.90% of the company's stock.

Wall Street Analyst Weigh In

MYRG has been the topic of a number of analyst reports. Zacks Research raised MYR Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 10th. Cantor Fitzgerald raised their price target on MYR Group from $311.00 to $564.00 and gave the stock an "overweight" rating in a research note on Monday, May 11th. Jefferies Financial Group set a $392.00 price objective on MYR Group in a report on Friday, July 10th. The Goldman Sachs Group cut their price objective on MYR Group from $469.00 to $422.00 and set a "neutral" rating on the stock in a research report on Thursday, August 13th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of MYR Group in a research note on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, MYR Group currently has an average rating of "Moderate Buy" and a consensus target price of $451.20.

MYR Group Trading Down 1.7%

Shares of NASDAQ MYRG opened at $286.46 on Wednesday. MYR Group, Inc. has a 1-year low of $171.51 and a 1-year high of $503.57. The stock has a market capitalization of $4.46 billion, a P/E ratio of 27.18 and a beta of 1.31. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40. The business has a fifty day moving average price of $373.34 and a 200 day moving average price of $360.57.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, topping the consensus estimate of $2.62 by $0.55. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $995.74 million. During the same period in the previous year, the business earned $1.70 EPS. The firm's revenue for the quarter was up 20.1% on a year-over-year basis. Equities research analysts expect that MYR Group, Inc. will post 12.43 EPS for the current fiscal year.

About MYR Group

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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