Van ECK Associates Corp Invests $7.77 Million in MYR Group, Inc. $MYRG

Van ECK Associates Corp purchased a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG) during the second quarter, HoldingsChannel.com reports. The institutional investor purchased 15,534 shares of the utilities provider’s stock, valued at approximately $7,773,000.

Several other institutional investors also recently modified their holdings of the business. Kilter Group LLC bought a new stake in MYR Group in the 2nd quarter worth about $25,000. Carolina Wealth Advisors LLC bought a new position in MYR Group during the 2nd quarter valued at about $30,000. Global Retirement Partners LLC purchased a new stake in shares of MYR Group during the 2nd quarter valued at about $30,000. Farther Finance Advisors LLC boosted its holdings in shares of MYR Group by 212.2% during the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 104 shares during the last quarter. Finally, Parallel Advisors LLC grew its stake in shares of MYR Group by 207.9% in the first quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 79 shares during the period. 88.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group decreased their price objective on shares of MYR Group from $469.00 to $422.00 and set a “neutral” rating for the company in a report on Thursday, August 13th. Wall Street Zen downgraded shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 10th. Oppenheimer reiterated a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. Finally, Cantor Fitzgerald increased their price target on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Two 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. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $451.20.

MYR Group Price Performance

Shares of NASDAQ:MYRG opened at $286.46 on Wednesday. The firm’s 50 day moving average price is $373.34 and its 200-day moving average price is $360.57. MYR Group, Inc. has a twelve month low of $171.51 and a twelve month high of $503.57. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $4.46 billion, a PE ratio of 27.18 and a beta of 1.31.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.62 by $0.55. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $995.74 million. During the same quarter last year, the firm posted $1.70 earnings per share. The firm’s revenue was up 20.1% compared to the same quarter last year. Equities research analysts expect that MYR Group, Inc. will post 12.43 EPS for the current year.

About MYR Group

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.