MYR Group, Inc. $MYRG Shares Purchased by Vanguard Group Inc.

Vanguard Group Inc. raised its stake in MYR Group, Inc. (NASDAQ:MYRG) by 3.3% in the 4th quarter, HoldingsChannel.com reports. The fund owned 1,265,452 shares of the utilities provider’s stock after purchasing an additional 40,164 shares during the period. Vanguard Group Inc. owned about 0.08% of MYR Group worth $276,501,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Farther Finance Advisors LLC raised its holdings in shares of MYR Group by 212.2% in the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after buying an additional 104 shares during the last quarter. Signaturefd LLC raised its holdings in shares of MYR Group by 65.7% in the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after buying an additional 65 shares during the last quarter. First Horizon Corp purchased a new stake in shares of MYR Group in the third quarter valued at about $47,000. Johnson Financial Group Inc. purchased a new stake in shares of MYR Group in the third quarter valued at about $74,000. Finally, USA Financial Formulas purchased a new stake in shares of MYR Group in the fourth quarter valued at about $76,000. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Trading Up 2.5%

NASDAQ MYRG opened at $437.86 on Friday. The stock has a market capitalization of $6.82 billion, a P/E ratio of 48.28 and a beta of 1.30. MYR Group, Inc. has a 52-week low of $152.93 and a 52-week high of $475.39. The firm has a 50-day moving average price of $303.61 and a 200 day moving average price of $258.91. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.90. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The firm had revenue of $1 billion during the quarter, compared to analysts’ expectations of $932.45 million. During the same period in the prior year, the company posted $1.45 earnings per share. The firm’s revenue for the quarter was up 20.0% on a year-over-year basis. Equities research analysts expect that MYR Group, Inc. will post 9.84 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently commented on MYRG. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a report on Tuesday, April 21st. The Goldman Sachs Group increased their price target on shares of MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a report on Tuesday, March 3rd. Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a report on Monday. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Finally, Robert W. Baird set a $373.00 price target on shares of MYR Group in a report on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $292.71.

MYR Group Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.