MYR Group Inc. (NASDAQ:MYRG) Shares Purchased by Bank of America Corp DE

Bank of America Corp DE raised its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 4.1% during the 4th quarter, Holdings Channel reports. The fund owned 152,440 shares of the utilities provider’s stock after purchasing an additional 6,041 shares during the period. Bank of America Corp DE’s holdings in MYR Group were worth $22,678,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC increased its holdings in shares of MYR Group by 77.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 54,405 shares of the utilities provider’s stock valued at $8,045,000 after purchasing an additional 23,760 shares during the period. Bank of New York Mellon Corp grew its position in MYR Group by 12.3% in the 4th quarter. Bank of New York Mellon Corp now owns 238,740 shares of the utilities provider’s stock valued at $35,517,000 after buying an additional 26,205 shares in the last quarter. Truist Financial Corp increased its stake in MYR Group by 51.1% during the 4th quarter. Truist Financial Corp now owns 3,402 shares of the utilities provider’s stock valued at $506,000 after buying an additional 1,150 shares during the period. Moody Aldrich Partners LLC bought a new stake in shares of MYR Group during the 4th quarter worth about $3,952,000. Finally, KBC Group NV raised its position 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 in the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Piper Sandler increased their price objective on shares of MYR Group from $124.00 to $138.00 and gave the company a “neutral” rating in a report on Monday, May 5th. StockNews.com raised MYR Group from a “hold” rating to a “buy” rating in a research note on Monday, May 5th. The Goldman Sachs Group lowered their price target on MYR Group from $164.00 to $145.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. Stifel Nicolaus dropped their price objective on MYR Group from $157.00 to $131.00 and set a “buy” rating on the stock in a research note on Wednesday, April 9th. Finally, KeyCorp raised their target price on MYR Group from $136.00 to $163.00 and gave the company an “overweight” rating in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $149.40.

MYR Group Stock Up 0.6%

Shares of MYR Group stock opened at $164.55 on Monday. The company has a market cap of $2.55 billion, a P/E ratio of 71.86 and a beta of 1.06. MYR Group Inc. has a 1 year low of $86.60 and a 1 year high of $168.88. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The stock has a 50-day moving average price of $126.32 and a 200 day moving average price of $138.33.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.27. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The firm had revenue of $833.62 million for the quarter, compared to analyst estimates of $788.98 million. During the same quarter in the prior year, the business earned $1.12 EPS. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, analysts expect that MYR Group Inc. will post 1.16 EPS 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.