Swedbank AB Purchases 15,000 Shares of MYR Group Inc. (NASDAQ:MYRG)

Swedbank AB lifted its position in shares of MYR Group Inc. (NASDAQ:MYRG) by 6.0% in the third quarter, HoldingsChannel reports. The fund owned 267,000 shares of the utilities provider’s stock after buying an additional 15,000 shares during the period. Swedbank AB’s holdings in MYR Group were worth $27,295,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. Principal Financial Group Inc. increased its position 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 purchasing an additional 15,361 shares during the period. Charles Schwab Investment Management Inc. grew its position 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 buying an additional 17,580 shares during the period. TimesSquare Capital Management LLC grew its holdings in MYR Group by 178.5% during the 3rd quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider’s stock worth $21,794,000 after acquiring an additional 136,643 shares during the period. Assenagon Asset Management S.A. raised its position 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 acquiring an additional 147,598 shares during the last quarter. Finally, Millennium Management LLC raised its position in shares of MYR Group by 68.9% during the 2nd quarter. Millennium Management LLC now owns 171,329 shares of the utilities provider’s stock valued at $23,251,000 after acquiring an additional 69,886 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. StockNews.com upgraded MYR Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. Stifel Nicolaus decreased their target price on MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a research report on Monday, August 5th. 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 report on Thursday, October 31st. Finally, The Goldman Sachs Group boosted their price objective on shares of MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a report on Monday, November 4th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.75.

MYR Group Stock Up 5.7 %

Shares of MYR Group stock opened at $159.67 on Tuesday. The company has a market capitalization of $2.57 billion, a P/E ratio of 69.72 and a beta of 0.89. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. The business has a 50-day moving average of $123.02 and a two-hundred day moving average of $126.80. MYR Group Inc. has a 1 year low of $86.60 and a 1 year high of $181.02.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, October 30th. The utilities provider reported $0.65 EPS for the quarter, topping 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 business’s quarterly revenue was down 5.5% on a year-over-year basis. During the same period last year, the company posted $1.28 EPS. As a group, equities analysts predict that MYR Group Inc. will post 1.16 EPS for the current year.

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.