Mackenzie Financial Corp Increases Position in MYR Group Inc. (NASDAQ:MYRG)

Mackenzie Financial Corp raised its position in MYR Group Inc. (NASDAQ:MYRG) by 3.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,985 shares of the utilities provider’s stock after purchasing an additional 97 shares during the quarter. Mackenzie Financial Corp’s holdings in MYR Group were worth $432,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MYRG. IFP Advisors Inc purchased a new stake in MYR Group in the third quarter valued at approximately $54,000. SG Americas Securities LLC purchased a new stake in shares of MYR Group during the third quarter worth $894,000. Linden Thomas Advisory Services LLC increased its position in shares of MYR Group by 3.4% during the third quarter. Linden Thomas Advisory Services LLC now owns 10,807 shares of the utilities provider’s stock worth $1,456,000 after acquiring an additional 352 shares during the period. Sheets Smith Wealth Management increased its position in shares of MYR Group by 2.4% during the third quarter. Sheets Smith Wealth Management now owns 10,789 shares of the utilities provider’s stock worth $1,454,000 after acquiring an additional 255 shares during the period. Finally, Cambridge Investment Research Advisors Inc. increased its position in shares of MYR Group by 16.0% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 2,962 shares of the utilities provider’s stock worth $399,000 after acquiring an additional 408 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Performance

NASDAQ:MYRG opened at $168.16 on Friday. The firm has a market capitalization of $2.81 billion, a PE ratio of 31.03 and a beta of 1.08. The business’s fifty day moving average price is $165.32 and its 200 day moving average price is $145.66. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.37 and a quick ratio of 1.37. MYR Group Inc. has a 12 month low of $110.87 and a 12 month high of $181.02.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, February 28th. The utilities provider reported $1.43 EPS for the quarter, beating the consensus estimate of $1.41 by $0.02. The firm had revenue of $1 billion for 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%. MYR Group’s revenue for the quarter 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.

Analyst Ratings Changes

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

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.