UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Boosts Stake in MYR Group, Inc. $MYRG

Key Points

• UBS AM increased its stake in MYR Group, Inc. by 214.6% in the first quarter, acquiring an additional 206,369 shares to hold a total of 302,549 shares valued at approximately $34.2 million.
• Multiple institutional investors have recently boosted their positions in MYR Group, with 88.90% of the stock now owned by institutional holders, reflecting significant confidence in the company's prospects.
• Analysts have provided a range of ratings for MYR Group, including a recent upgrade to a "strong-buy" rating by Wall Street Zen, with a consensus price target of $191.83.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 214.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 302,549 shares of the utilities provider's stock after acquiring an additional 206,369 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned 1.95% of MYR Group worth $34,215,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in MYRG. Wellington Management Group LLP increased its stake in shares of MYR Group by 11.7% in the 1st quarter. Wellington Management Group LLP now owns 452,213 shares of the utilities provider's stock worth $51,141,000 after acquiring an additional 47,445 shares in the last quarter. Hawk Ridge Capital Management LP lifted its position in shares of MYR Group by 30.1% during the first quarter. Hawk Ridge Capital Management LP now owns 298,436 shares of the utilities provider's stock valued at $33,750,000 after buying an additional 69,100 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its position in shares of MYR Group by 3.6% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 285,954 shares of the utilities provider's stock valued at $32,339,000 after purchasing an additional 9,818 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of MYR Group by 4.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 252,172 shares of the utilities provider's stock worth $28,518,000 after purchasing an additional 9,971 shares during the period. Finally, Goldman Sachs Group Inc. grew its stake in MYR Group by 0.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider's stock valued at $22,998,000 after acquiring an additional 1,437 shares during the period. Hedge funds and other institutional investors own 88.90% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on MYRG. The Goldman Sachs Group boosted their price objective on MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Stifel Nicolaus set a $210.00 price objective on MYR Group in a report on Monday, August 4th. Jefferies Financial Group initiated coverage on MYR Group in a research report on Friday, August 15th. They set a "hold" rating and a $202.00 price objective for the company. Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Finally, KeyCorp upped their price target on MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. 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.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $191.83.

MYR Group Stock Down 2.8%

MYR Group stock traded down $5.23 during trading on Friday, hitting $178.85. 511,069 shares of the company were exchanged, compared to its average volume of 168,040. The company has a market capitalization of $2.78 billion, a P/E ratio of 37.34 and a beta of 1.18. 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 business's 50 day moving average is $185.77 and its 200 day moving average is $158.51. MYR Group, Inc. has a 52 week low of $97.72 and a 52 week high of $220.01.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.14. The business had revenue of $900.33 million for the quarter, compared to analyst estimates of $828.20 million. MYR Group had a return on equity of 13.16% and a net margin of 2.21%.MYR Group's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period last year, the company earned ($0.91) EPS. Analysts predict that MYR Group, Inc. will post 1.16 earnings per share for the current year.

MYR Group 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.