Zurcher Kantonalbank Zurich Cantonalbank Raises Stock Holdings in MYR Group Inc. (NASDAQ:MYRG)

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of MYR Group Inc. (NASDAQ:MYRG) by 6.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,695 shares of the utilities provider’s stock after acquiring an additional 740 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.07% of MYR Group worth $1,691,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Assenagon Asset Management S.A. increased its position in MYR Group by 85.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 110,119 shares of the utilities provider’s stock valued at $15,927,000 after acquiring an additional 50,848 shares during the last quarter. Trillium Asset Management LLC bought a new position in shares of MYR Group in the 3rd quarter worth approximately $5,543,000. Fred Alger Management LLC purchased a new position in shares of MYR Group in the third quarter worth approximately $4,017,000. Lord Abbett & CO. LLC boosted its holdings in shares of MYR Group by 29.8% in the third quarter. Lord Abbett & CO. LLC now owns 90,891 shares of the utilities provider’s stock worth $12,248,000 after buying an additional 20,885 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in MYR Group by 9.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 163,191 shares of the utilities provider’s stock valued at $21,992,000 after buying an additional 13,439 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

MYRG has been the subject of a number of recent research reports. KeyCorp began coverage on shares of MYR Group in a research report on Wednesday, January 10th. They set a “sector weight” rating for the company. Sidoti cut MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price target for the company. in a research report on Monday, February 26th. Finally, Stifel Nicolaus decreased their price objective on MYR Group from $185.00 to $184.00 and set a “buy” rating on the stock in a research note on Tuesday, April 16th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $170.75.

MYR Group Trading Up 0.1 %

Shares of MYR Group stock opened at $164.60 on Thursday. MYR Group Inc. has a fifty-two week low of $110.87 and a fifty-two week high of $181.02. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.37 and a current ratio of 1.37. The company has a market capitalization of $2.76 billion, a P/E ratio of 30.37 and a beta of 1.08. The company has a fifty day moving average of $164.69 and a 200 day moving average of $145.11.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, February 28th. The utilities provider reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.02. The firm had revenue of $1 billion during the quarter, compared to analyst estimates of $904.76 million. MYR Group had a return on equity of 14.80% and a net margin of 2.50%. The business’s quarterly revenue was up 16.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.46 earnings per share. On average, sell-side analysts anticipate that MYR Group Inc. will post 6.64 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.