Swiss Life Asset Management Ltd Takes $336,000 Position in MYR Group, Inc. $MYRG

Swiss Life Asset Management Ltd acquired a new position in shares of MYR Group, Inc. (NASDAQ:MYRG) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,540 shares of the utilities provider’s stock, valued at approximately $336,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Ethic Inc. grew its holdings in MYR Group by 79.8% during the fourth quarter. Ethic Inc. now owns 2,862 shares of the utilities provider’s stock worth $625,000 after acquiring an additional 1,270 shares during the period. Swedbank AB grew its holdings in MYR Group by 20.4% during the fourth quarter. Swedbank AB now owns 37,200 shares of the utilities provider’s stock worth $8,128,000 after acquiring an additional 6,300 shares during the period. Principal Financial Group Inc. grew its holdings in MYR Group by 2.3% during the fourth quarter. Principal Financial Group Inc. now owns 389,009 shares of the utilities provider’s stock worth $84,998,000 after acquiring an additional 8,695 shares during the period. New York State Teachers Retirement System grew its holdings in MYR Group by 45.1% during the fourth quarter. New York State Teachers Retirement System now owns 5,452 shares of the utilities provider’s stock worth $1,191,000 after acquiring an additional 1,694 shares during the period. Finally, Vanguard Group Inc. grew its holdings in MYR Group by 3.3% during the fourth quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider’s stock worth $276,501,000 after acquiring an additional 40,164 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Robert W. Baird set a $373.00 price objective on MYR Group in a report on Thursday, April 30th. Cantor Fitzgerald upped their price objective on MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. The Goldman Sachs Group upped their price objective on 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 target price on MYR Group in a research report on Monday, May 4th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a research report on Tuesday, April 21st. 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’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $328.86.

MYR Group Stock Down 3.7%

MYRG opened at $449.98 on Tuesday. The business’s fifty day moving average is $329.76 and its two-hundred day moving average is $271.08. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31. The company has a market cap of $7.01 billion, a price-to-earnings ratio of 49.61 and a beta of 1.30. MYR Group, Inc. has a one year low of $154.55 and a one year high of $480.00.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.09 by $0.90. The business had revenue of $1 billion for the quarter, compared to the consensus estimate of $932.45 million. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The business’s revenue was up 20.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.45 earnings per share. Analysts anticipate that MYR Group, Inc. will post 10.59 EPS for the current fiscal year.

About MYR Group

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.