Swedbank AB Has $8.13 Million Stock Position in MYR Group, Inc. $MYRG

Swedbank AB lifted its stake in MYR Group, Inc. (NASDAQ:MYRG) by 20.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 37,200 shares of the utilities provider’s stock after acquiring an additional 6,300 shares during the quarter. Swedbank AB owned approximately 0.24% of MYR Group worth $8,128,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Smartleaf Asset Management LLC boosted its holdings in shares of MYR Group by 12.7% during the third quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider’s stock worth $86,000 after acquiring an additional 47 shares during the period. Signaturefd LLC boosted its holdings in shares of MYR Group by 65.7% during the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock worth $36,000 after acquiring an additional 65 shares during the period. ProShare Advisors LLC boosted its stake in shares of MYR Group by 3.2% in the fourth quarter. ProShare Advisors LLC now owns 3,000 shares of the utilities provider’s stock valued at $656,000 after buying an additional 92 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in shares of MYR Group by 2.7% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,559 shares of the utilities provider’s stock valued at $778,000 after buying an additional 95 shares during the period. Finally, Strs Ohio boosted its stake in shares of MYR Group by 1.8% in the third quarter. Strs Ohio now owns 5,600 shares of the utilities provider’s stock valued at $1,165,000 after buying an additional 100 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Stock Up 3.9%

NASDAQ MYRG opened at $464.35 on Wednesday. The business has a fifty day moving average price of $351.75 and a two-hundred day moving average price of $280.47. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.31 and a quick ratio of 1.31. MYR Group, Inc. has a fifty-two week low of $154.62 and a fifty-two week high of $480.00. The stock has a market capitalization of $7.23 billion, a PE ratio of 51.20 and a beta of 1.30.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, topping the consensus estimate of $2.09 by $0.90. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The firm had revenue of $1 billion during the quarter, compared to analysts’ expectations of $932.45 million. During the same period in the prior year, the company earned $1.45 earnings per share. The company’s quarterly revenue was up 20.0% on a year-over-year basis. Equities analysts expect that MYR Group, Inc. will post 10.59 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MYRG. Robert W. Baird set a $373.00 price target on MYR Group in a research note on Thursday, April 30th. Stifel Nicolaus set a $503.00 price target on MYR Group in a research note on Monday, May 4th. Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a research note on Tuesday, April 21st. The Goldman Sachs Group boosted their price target on MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research note on Tuesday, March 3rd. Finally, Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, MYR Group currently has an average rating of “Moderate Buy” and a consensus price target of $358.17.

MYR Group Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.