MYR Group Inc. (NASDAQ:MYRG) Shares Purchased by Swedbank AB

Swedbank AB lifted its stake in MYR Group Inc. (NASDAQ:MYRG) by 6.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 267,000 shares of the utilities provider’s stock after acquiring an additional 15,000 shares during the quarter. Swedbank AB owned 1.59% of MYR Group worth $27,295,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. Creative Planning lifted its holdings in shares of MYR Group by 193.0% in the 3rd quarter. Creative Planning now owns 4,841 shares of the utilities provider’s stock worth $495,000 after acquiring an additional 3,189 shares during the last quarter. Inspire Investing LLC lifted its holdings in MYR Group by 55.8% during the 3rd quarter. Inspire Investing LLC now owns 4,035 shares of the utilities provider’s stock worth $412,000 after buying an additional 1,445 shares in the last quarter. SG Americas Securities LLC lifted its holdings in MYR Group by 656.4% during the 3rd quarter. SG Americas Securities LLC now owns 9,326 shares of the utilities provider’s stock worth $953,000 after buying an additional 8,093 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in MYR Group during the 2nd quarter worth approximately $1,086,000. Finally, Algert Global LLC lifted its holdings in MYR Group by 29.8% during the 2nd quarter. Algert Global LLC now owns 22,610 shares of the utilities provider’s stock worth $3,068,000 after buying an additional 5,196 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

MYR Group Trading Up 3.5 %

Shares of NASDAQ:MYRG opened at $123.43 on Thursday. MYR Group Inc. has a 52 week low of $86.60 and a 52 week high of $181.02. The company’s 50 day moving average is $102.26 and its two-hundred day moving average is $132.78. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.06. The company has a market cap of $2.07 billion, a PE ratio of 23.92 and a beta of 0.93.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($1.98). The company had revenue of $828.89 million during the quarter, compared to analysts’ expectations of $876.07 million. MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The company’s quarterly revenue was down 6.7% on a year-over-year basis. During the same period last year, the business earned $1.33 earnings per share. Equities analysts predict that MYR Group Inc. will post 0.91 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MYRG has been the topic of a number of research reports. Stifel Nicolaus reduced their target price on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Robert W. Baird reduced their target price on shares of MYR Group from $170.00 to $143.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. The Goldman Sachs Group reduced their target price on shares of MYR Group from $182.00 to $124.00 and set a “buy” rating on the stock in a report on Thursday, September 19th. Finally, StockNews.com downgraded shares of MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, MYR Group presently has an average rating of “Hold” and a consensus price target of $137.75.

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.