Vanguard Group Inc. Purchases 5,055 Shares of MYR Group Inc. (NASDAQ:MYRG)

Vanguard Group Inc. lifted its holdings in MYR Group Inc. (NASDAQ:MYRG) by 0.4% in the 4th quarter, HoldingsChannel.com reports. The fund owned 1,260,930 shares of the utilities provider’s stock after buying an additional 5,055 shares during the period. Vanguard Group Inc. owned about 0.08% of MYR Group worth $182,368,000 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 MYRG. Mackenzie Financial Corp increased its holdings in MYR Group by 3.4% in the fourth quarter. Mackenzie Financial Corp now owns 2,985 shares of the utilities provider’s stock worth $432,000 after purchasing an additional 97 shares in the last quarter. Daiwa Securities Group Inc. acquired a new stake in shares of MYR Group during the 4th quarter worth approximately $29,000. Assetmark Inc. increased its stake in shares of MYR Group by 11.9% in the 4th quarter. Assetmark Inc. now owns 1,890 shares of the utilities provider’s stock valued at $273,000 after acquiring an additional 201 shares in the last quarter. Moran Wealth Management LLC lifted its position in shares of MYR Group by 1.0% during the 4th quarter. Moran Wealth Management LLC now owns 22,953 shares of the utilities provider’s stock valued at $3,320,000 after acquiring an additional 236 shares during the period. Finally, Comerica Bank boosted its stake in MYR Group by 3.4% during the fourth quarter. Comerica Bank now owns 8,751 shares of the utilities provider’s stock worth $1,266,000 after acquiring an additional 289 shares in the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MYRG. Stifel Nicolaus decreased their price target on shares of MYR Group from $185.00 to $184.00 and set a “buy” rating for the company in a research note on Tuesday, April 16th. Robert W. Baird reduced their target price on MYR Group from $185.00 to $180.00 and set an “outperform” rating for the company in a research note on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $173.25.

MYR Group Stock Performance

MYRG opened at $135.43 on Thursday. The company has a market cap of $2.27 billion, a price-to-earnings ratio of 26.25 and a beta of 0.99. The company’s fifty day moving average price is $150.26 and its two-hundred day moving average price is $153.79. MYR Group Inc. has a 1-year low of $110.87 and a 1-year high of $181.02. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.05.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.10. The business had revenue of $815.56 million for the quarter, compared to analysts’ expectations of $854.13 million. MYR Group had a net margin of 2.38% and a return on equity of 13.64%. The firm’s revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.38 EPS. On average, analysts expect that MYR Group Inc. will post 5.5 EPS for the current fiscal year.

About MYR Group

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.