Swedbank AB Acquires 15,000 Shares of MYR Group Inc. (NASDAQ:MYRG)

Swedbank AB raised its holdings in MYR Group Inc. (NASDAQ:MYRG) by 6.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 267,000 shares of the utilities provider’s stock after buying an additional 15,000 shares during the quarter. Swedbank AB owned 1.66% of MYR Group worth $27,295,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in MYRG. DekaBank Deutsche Girozentrale acquired a new position in shares of MYR Group during the third quarter valued at about $116,000. RiverPark Advisors LLC raised its holdings in MYR Group by 21.9% in the 2nd quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider’s stock valued at $148,000 after acquiring an additional 196 shares in the last quarter. Quest Partners LLC acquired a new position in MYR Group in the 3rd quarter valued at approximately $223,000. Moody National Bank Trust Division bought a new stake in shares of MYR Group in the 2nd quarter worth approximately $240,000. Finally, Aigen Investment Management LP acquired a new stake in shares of MYR Group during the 3rd quarter worth approximately $334,000. 88.90% of the stock is owned by institutional investors.

MYR Group Stock Up 5.7 %

MYRG opened at $159.67 on Tuesday. The firm has a market cap of $2.57 billion, a price-to-earnings ratio of 69.72 and a beta of 0.89. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. The firm’s 50-day simple moving average is $123.02 and its 200-day simple moving average is $126.80. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $181.02.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.40. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The firm had revenue of $888.00 million for the quarter, compared to analysts’ expectations of $917.18 million. During the same period in the prior year, the firm earned $1.28 earnings per share. The company’s quarterly revenue was down 5.5% compared to the same quarter last year. Equities research analysts anticipate that MYR Group Inc. will post 1.16 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Stifel Nicolaus reduced their target price on MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Robert W. Baird raised their price objective on shares of MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. The Goldman Sachs Group lifted their target price on shares of MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Finally, StockNews.com upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, MYR Group currently has an average rating of “Moderate Buy” and a consensus target price of $143.75.

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.