The Manufacturers Life Insurance Company Acquires Shares of 7,575 MYR Group, Inc. $MYRG

The Manufacturers Life Insurance Company acquired a new stake in MYR Group, Inc. (NASDAQ:MYRG) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 7,575 shares of the utilities provider’s stock, valued at approximately $3,791,000.

Several other institutional investors have also recently made changes to their positions in MYRG. First Trust Advisors LP boosted its holdings in MYR Group by 23.5% in the first quarter. First Trust Advisors LP now owns 203,732 shares of the utilities provider’s stock valued at $57,518,000 after purchasing an additional 38,726 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of MYR Group by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider’s stock valued at $86,574,000 after buying an additional 13,511 shares during the last quarter. Hel Ved Capital Management Ltd purchased a new position in shares of MYR Group during the 4th quarter valued at about $3,525,000. BlackRock Inc. acquired a new position in shares of MYR Group in the 2nd quarter valued at about $1,232,294,000. Finally, Abacus FCF Advisors LLC purchased a new stake in shares of MYR Group in the second quarter worth about $11,772,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a report on Friday, July 17th. Robert W. Baird set a $375.00 price target on MYR Group in a report on Thursday, July 30th. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. Cantor Fitzgerald lifted their target price on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Finally, Oppenheimer reissued a “market perform” rating on shares of MYR Group in a report on Thursday, June 11th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $451.20.

MYR Group Stock Down 1.7%

Shares of MYRG opened at $286.46 on Wednesday. The firm has a market cap of $4.46 billion, a P/E ratio of 27.18 and a beta of 1.31. MYR Group, Inc. has a 12 month low of $171.51 and a 12 month high of $503.57. The stock’s 50 day moving average is $373.34 and its two-hundred day moving average is $360.57. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.62 by $0.55. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $995.74 million. During the same quarter last year, the firm posted $1.70 EPS. The business’s revenue was up 20.1% on a year-over-year basis. Analysts predict that MYR Group, Inc. will post 12.43 earnings per share for the current fiscal year.

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.