Zurcher Kantonalbank Zurich Cantonalbank Has $2.14 Million Stock Position in MYR Group Inc. (NASDAQ:MYRG)

Zurcher Kantonalbank Zurich Cantonalbank grew its position in MYR Group Inc. (NASDAQ:MYRG) by 132.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,936 shares of the utilities provider’s stock after purchasing an additional 11,946 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.13% of MYR Group worth $2,140,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Principal Financial Group Inc. increased its holdings in MYR Group by 3.7% in the third quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock worth $44,113,000 after buying an additional 15,361 shares during the last quarter. Swedbank AB grew its position in MYR Group by 6.0% in the third quarter. Swedbank AB now owns 267,000 shares of the utilities provider’s stock worth $27,295,000 after acquiring an additional 15,000 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of MYR Group by 8.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 233,055 shares of the utilities provider’s stock worth $23,825,000 after purchasing an additional 17,580 shares during the last quarter. TimesSquare Capital Management LLC raised its holdings in shares of MYR Group by 178.5% during the 3rd quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider’s stock valued at $21,794,000 after purchasing an additional 136,643 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in shares of MYR Group by 387.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider’s stock valued at $18,978,000 after purchasing an additional 147,598 shares in the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on MYRG. The Goldman Sachs Group increased their target price on shares of MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. StockNews.com raised MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Finally, Robert W. Baird boosted their target price on MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $143.75.

MYR Group Stock Up 1.3 %

MYRG stock opened at $160.16 on Wednesday. The stock has a market capitalization of $2.58 billion, a price-to-earnings ratio of 69.94 and a beta of 0.93. The company has a 50-day moving average of $128.78 and a two-hundred day moving average of $126.92. MYR Group Inc. has a 52-week low of $86.60 and a 52-week high of $181.02. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35.

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