MYR Group, Inc. (NASDAQ:MYRG) Shares Acquired by US Bancorp DE

US Bancorp DE raised its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 2.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,261 shares of the utilities provider’s stock after acquiring an additional 144 shares during the period. US Bancorp DE’s holdings in MYR Group were worth $708,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Captrust Financial Advisors increased its position in shares of MYR Group by 0.9% during the fourth quarter. Captrust Financial Advisors now owns 8,519 shares of the utilities provider’s stock valued at $1,267,000 after acquiring an additional 75 shares during the last quarter. ANTIPODES PARTNERS Ltd grew its holdings in shares of MYR Group by 16.3% in the first quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider’s stock valued at $81,000 after purchasing an additional 101 shares in the last quarter. Bank of Montreal Can grew its holdings in shares of MYR Group by 6.3% in the fourth quarter. Bank of Montreal Can now owns 3,356 shares of the utilities provider’s stock valued at $499,000 after purchasing an additional 199 shares in the last quarter. Versant Capital Management Inc grew its holdings in shares of MYR Group by 85.4% in the first quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider’s stock valued at $52,000 after purchasing an additional 210 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of MYR Group by 3.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 8,568 shares of the utilities provider’s stock valued at $1,275,000 after purchasing an additional 313 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MYRG has been the subject of a number of research reports. Piper Sandler lifted their price objective on shares of MYR Group from $138.00 to $153.00 and gave the company a “neutral” rating in a report on Tuesday, May 27th. Robert W. Baird lifted their price objective on shares of MYR Group from $159.00 to $170.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 24th. The Goldman Sachs Group lifted their price objective on shares of MYR Group from $168.00 to $205.00 and gave the company a “neutral” rating in a report on Thursday. Finally, Stifel Nicolaus set a $210.00 price objective on shares of MYR Group in a report on Monday, August 4th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $189.80.

MYR Group Stock Down 0.3%

Shares of NASDAQ:MYRG opened at $185.05 on Monday. The company has a market capitalization of $2.87 billion, a PE ratio of 38.63 and a beta of 1.17. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.14. MYR Group, Inc. has a twelve month low of $86.60 and a twelve month high of $220.01. The firm has a 50 day simple moving average of $180.45 and a 200-day simple moving average of $148.86.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $1.70 EPS for the quarter, beating the consensus estimate of $1.56 by $0.14. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The firm had revenue of $900.33 million during the quarter, compared to the consensus estimate of $828.20 million. During the same quarter in the prior year, the firm earned ($0.91) EPS. MYR Group’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, equities analysts predict that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

MYR Group 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.