Erste Asset Management GmbH Invests $2.27 Million in MYR Group Inc. (NASDAQ:MYRG)

Erste Asset Management GmbH bought a new stake in MYR Group Inc. (NASDAQ:MYRG) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 22,060 shares of the utilities provider’s stock, valued at approximately $2,267,000. Erste Asset Management GmbH owned about 0.14% of MYR Group as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Edgestream Partners L.P. acquired a new stake in shares of MYR Group in the third quarter valued at approximately $5,035,000. PDT Partners LLC bought a new position in MYR Group in the third quarter valued at $2,697,000. Verition Fund Management LLC bought a new stake in MYR Group during the 3rd quarter worth about $4,044,000. Walleye Capital LLC boosted its stake in shares of MYR Group by 422.6% during the 3rd quarter. Walleye Capital LLC now owns 43,985 shares of the utilities provider’s stock worth $4,497,000 after buying an additional 35,569 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of MYR Group by 132.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,936 shares of the utilities provider’s stock worth $2,140,000 after buying an additional 11,946 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

MYR Group Stock Up 0.1 %

MYRG stock opened at $158.07 on Tuesday. MYR Group Inc. has a 1-year low of $86.60 and a 1-year high of $181.02. The business’s 50 day simple moving average is $127.61 and its 200 day simple moving average is $126.87. 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 firm has a market capitalization of $2.55 billion, a PE ratio of 69.03 and a beta of 0.89.

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

Analyst Ratings Changes

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

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.