MYR Group Inc. (NASDAQ:MYRG) Shares Purchased by Mackenzie Financial Corp

Mackenzie Financial Corp increased its stake in shares of MYR Group Inc. (NASDAQ:MYRG) by 121.4% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 10,815 shares of the utilities provider’s stock after acquiring an additional 5,930 shares during the quarter. Mackenzie Financial Corp’s holdings in MYR Group were worth $1,609,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MYRG. Arcadia Investment Management Corp MI purchased a new position in shares of MYR Group during the 4th quarter worth $47,000. Smartleaf Asset Management LLC raised its stake in MYR Group by 697.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider’s stock worth $49,000 after purchasing an additional 286 shares during the period. ANTIPODES PARTNERS Ltd grew its stake in shares of MYR Group by 13.2% in the 4th quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider’s stock valued at $92,000 after buying an additional 72 shares during the period. Quadrant Capital Group LLC increased its holdings in shares of MYR Group by 52.4% during the 4th quarter. Quadrant Capital Group LLC now owns 666 shares of the utilities provider’s stock worth $99,000 after buying an additional 229 shares during the last quarter. Finally, KBC Group NV increased its holdings in shares of MYR Group by 56.8% during the 4th quarter. KBC Group NV now owns 737 shares of the utilities provider’s stock worth $110,000 after buying an additional 267 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 24th. KeyCorp raised their price objective on MYR Group from $136.00 to $163.00 and gave the stock an “overweight” rating in a research report on Friday, May 2nd. The Goldman Sachs Group reduced their price target on shares of MYR Group from $164.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Piper Sandler upped their price objective on shares of MYR Group from $138.00 to $153.00 and gave the stock a “neutral” rating in a report on Tuesday. Finally, Robert W. Baird boosted their target price on MYR Group from $159.00 to $170.00 and gave the company an “outperform” rating in a research report on Thursday, May 1st. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, MYR Group has a consensus rating of “Buy” and a consensus price target of $152.40.

MYR Group Price Performance

Shares of MYRG opened at $158.10 on Friday. The company has a market cap of $2.45 billion, a P/E ratio of 69.04 and a beta of 1.06. MYR Group Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $168.88. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. The firm’s 50 day moving average price is $133.78 and its 200 day moving average price is $139.54.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, April 30th. The utilities provider reported $1.45 EPS for the quarter, topping the consensus estimate of $1.18 by $0.27. The firm had revenue of $833.62 million during the quarter, compared to analysts’ expectations of $788.98 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. MYR Group’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.12 EPS. On average, research analysts forecast 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.