Assenagon Asset Management S.A. Raises Stake in MYR Group Inc. (NASDAQ:MYRG)

Assenagon Asset Management S.A. lifted its stake in shares of MYR Group Inc. (NASDAQ:MYRG) by 387.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 185,644 shares of the utilities provider’s stock after acquiring an additional 147,598 shares during the period. Assenagon Asset Management S.A. owned 1.11% of MYR Group worth $18,978,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of MYRG. Capital World Investors increased its position in MYR Group by 578.4% during the first quarter. Capital World Investors now owns 974,748 shares of the utilities provider’s stock worth $172,287,000 after purchasing an additional 831,066 shares during the last quarter. Swedbank AB acquired a new stake in shares of MYR Group during the 1st quarter worth approximately $51,452,000. F M Investments LLC purchased a new stake in shares of MYR Group during the 2nd quarter valued at approximately $10,800,000. Millennium Management LLC lifted its holdings in MYR Group by 68.9% in the second 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. Finally, Trillium Asset Management LLC grew its position in MYR Group by 60.3% in the first quarter. Trillium Asset Management LLC now owns 77,694 shares of the utilities provider’s stock worth $13,733,000 after acquiring an additional 29,215 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Performance

Shares of MYRG stock opened at $114.36 on Friday. The firm has a 50 day moving average of $104.88 and a two-hundred day moving average of $130.09. The stock has a market capitalization of $1.89 billion, a PE ratio of 39.16 and a beta of 0.93. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.06. MYR Group Inc. has a 52 week low of $86.60 and a 52 week high of $181.02.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($1.98). MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The company had revenue of $828.89 million during the quarter, compared to analysts’ expectations of $876.07 million. During the same quarter last year, the business posted $1.33 earnings per share. The company’s revenue for the quarter was down 6.7% on a year-over-year basis. On average, research analysts predict that MYR Group Inc. will post 0.88 EPS for the current fiscal year.

Analysts Set New Price Targets

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