Covestor Ltd Increases Stock Holdings in MYR Group Inc. (NASDAQ:MYRG)

Covestor Ltd boosted its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 23.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 689 shares of the utilities provider’s stock after purchasing an additional 132 shares during the quarter. Covestor Ltd’s holdings in MYR Group were worth $122,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of MYR Group by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 1,260,930 shares of the utilities provider’s stock worth $182,368,000 after acquiring an additional 5,055 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of MYR Group by 9.7% in the 4th quarter. Victory Capital Management Inc. now owns 272,876 shares of the utilities provider’s stock worth $39,466,000 after buying an additional 24,135 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of MYR Group by 0.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 217,313 shares of the utilities provider’s stock worth $31,430,000 after buying an additional 890 shares in the last quarter. Capital World Investors bought a new stake in shares of MYR Group in the 4th quarter worth $20,781,000. Finally, Assenagon Asset Management S.A. raised its position in shares of MYR Group by 85.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 110,119 shares of the utilities provider’s stock worth $15,927,000 after purchasing an additional 50,848 shares during the period. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

MYR Group Stock Up 0.8 %

MYRG stock traded up $1.21 during mid-day trading on Tuesday, hitting $146.98. The stock had a trading volume of 66,926 shares, compared to its average volume of 133,495. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.05. MYR Group Inc. has a 1-year low of $110.87 and a 1-year high of $181.02. The company has a fifty day moving average of $145.46 and a 200 day moving average of $153.44. The stock has a market capitalization of $2.46 billion, a price-to-earnings ratio of 28.80 and a beta of 0.99.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, May 1st. The utilities provider reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.10. MYR Group had a return on equity of 13.64% and a net margin of 2.38%. The company had revenue of $815.56 million for the quarter, compared to analyst estimates of $854.13 million. During the same period in the prior year, the firm posted $1.38 EPS. The business’s revenue was up .5% compared to the same quarter last year. On average, equities analysts expect that MYR Group Inc. will post 5.4 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Robert W. Baird cut their target price on MYR Group from $185.00 to $180.00 and set an “outperform” rating on the stock in a research report on Thursday, May 2nd. Stifel Nicolaus lowered their price target on MYR Group from $185.00 to $184.00 and set a “buy” rating on the stock in a report on Tuesday, April 16th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $173.25.

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.