MYR Group Inc. (NASDAQ:MYRG) Shares Acquired by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. increased its stake in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 33.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,159 shares of the utilities provider's stock after buying an additional 4,805 shares during the quarter. Envestnet Asset Management Inc. owned about 0.12% of MYR Group worth $2,850,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in MYRG. MCF Advisors LLC grew its stake in MYR Group by 470.0% during the 4th quarter. MCF Advisors LLC now owns 171 shares of the utilities provider's stock valued at $25,000 after purchasing an additional 141 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new stake in MYR Group in the fourth quarter valued at approximately $47,000. Smartleaf Asset Management LLC increased its holdings in MYR Group by 697.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider's stock worth $49,000 after buying an additional 286 shares during the period. GAMMA Investing LLC raised its position in MYR Group by 27.0% during the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider's stock worth $83,000 after buying an additional 118 shares during the last quarter. Finally, ANTIPODES PARTNERS Ltd lifted its stake in MYR Group by 13.2% during the 4th quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider's stock valued at $92,000 after acquiring an additional 72 shares during the period. 88.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on MYRG. Piper Sandler began coverage on shares of MYR Group in a report on Tuesday, April 8th. They set a "neutral" rating and a $124.00 target price for the company. KeyCorp upgraded MYR Group from a "sector weight" rating to an "overweight" rating and set a $136.00 price objective for the company in a research note on Friday, March 14th. Robert W. Baird upped their target price on MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research note on Thursday. The Goldman Sachs Group dropped their target price on MYR Group from $164.00 to $145.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Finally, Stifel Nicolaus lowered their price objective on MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $141.20.

MYR Group Price Performance

Shares of MYR Group stock traded up $17.96 on Thursday, hitting $140.28. The company's stock had a trading volume of 139,598 shares, compared to its average volume of 211,482. The company has a market capitalization of $2.26 billion, a price-to-earnings ratio of 61.31 and a beta of 1.07. The firm has a fifty day moving average price of $117.06 and a 200-day moving average price of $134.97. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. 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 posted its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 EPS for the quarter, beating analysts' consensus estimates of $1.18 by $0.27. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The business had revenue of $833.62 million during the quarter, compared to analysts' expectations of $788.98 million. During the same period in the previous year, the business earned $1.12 earnings per share. The business's revenue was up 2.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that MYR Group Inc. will post 1.16 earnings per share 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.