Bessemer Group Inc. Raises Stock Position in MYR Group Inc. (NASDAQ:MYRG)

Bessemer Group Inc. increased its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 7.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 74,197 shares of the utilities provider’s stock after purchasing an additional 4,950 shares during the period. Bessemer Group Inc.’s holdings in MYR Group were worth $13,114,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Capital World Investors purchased a new position in MYR Group in the fourth quarter valued at $20,781,000. Artisan Partners Limited Partnership purchased a new position in MYR Group in the fourth quarter valued at $15,659,000. Assenagon Asset Management S.A. increased its holdings in MYR Group by 85.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 110,119 shares of the utilities provider’s stock valued at $15,927,000 after buying an additional 50,848 shares in the last quarter. Townsend & Associates Inc increased its holdings in MYR Group by 89.5% in the fourth quarter. Townsend & Associates Inc now owns 95,619 shares of the utilities provider’s stock valued at $13,424,000 after buying an additional 45,173 shares in the last quarter. Finally, Trillium Asset Management LLC increased its holdings in MYR Group by 60.3% in the first quarter. Trillium Asset Management LLC now owns 77,694 shares of the utilities provider’s stock valued at $13,733,000 after buying an additional 29,215 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Price Performance

Shares of MYRG stock traded up $2.95 on Thursday, reaching $144.16. 37,421 shares of the company were exchanged, compared to its average volume of 133,537. The company has a market cap of $2.42 billion, a price-to-earnings ratio of 27.37 and a beta of 0.99. MYR Group Inc. has a 1 year low of $110.87 and a 1 year high of $181.02. The business has a 50-day moving average price of $145.07 and a 200 day moving average price of $153.41. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.40 and a current ratio of 1.40.

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

Analyst Ratings Changes

MYRG has been the subject of a number of recent analyst reports. Stifel Nicolaus cut their price objective on shares of MYR Group from $185.00 to $184.00 and set a “buy” rating for the company in a report on Tuesday, April 16th. Robert W. Baird cut their target price on shares of MYR Group from $185.00 to $180.00 and set an “outperform” rating for the company in a research note on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $173.25.

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.