MYR Group, Inc. $MYRG Shares Sold by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 1.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 179,485 shares of the utilities provider’s stock after selling 2,580 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in MYR Group were worth $89,814,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of MYR Group in the 2nd quarter valued at $1,232,294,000. Vanguard Group Inc. raised its stake in MYR Group by 3.3% during the 4th 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 in the last quarter. Wellington Management Group LLP lifted its position in MYR Group by 63.5% in the fourth quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock valued at $223,153,000 after acquiring an additional 396,502 shares during the last quarter. Fisher Asset Management LLC lifted its position in MYR Group by 4.7% in the fourth quarter. Fisher Asset Management LLC now owns 471,706 shares of the utilities provider’s stock valued at $103,068,000 after acquiring an additional 21,304 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in MYR Group by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider’s stock valued at $86,574,000 after acquiring an additional 13,511 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Trading Down 1.7%

Shares of MYR Group stock opened at $286.46 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.40 and a current ratio of 1.40. The company has a market capitalization of $4.46 billion, a P/E ratio of 27.18 and a beta of 1.31. MYR Group, Inc. has a 1 year low of $171.51 and a 1 year high of $503.57. The company’s fifty day moving average is $373.34 and its two-hundred day moving average is $360.57.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, beating analysts’ consensus estimates of $2.62 by $0.55. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $995.74 million. During the same period in the prior year, the company earned $1.70 earnings per share. The business’s revenue was up 20.1% compared to the same quarter last year. Analysts forecast that MYR Group, Inc. will post 12.43 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MYRG. Jefferies Financial Group set a $392.00 price objective on MYR Group in a report on Friday, July 10th. Robert W. Baird set a $375.00 target price on MYR Group in a report on Thursday, July 30th. Wall Street Zen cut MYR Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Oppenheimer restated a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. Finally, Cantor Fitzgerald boosted their price objective on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $451.20.

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.