Swiss National Bank increased its position in shares of MYR Group Inc (NASDAQ:MYRG) by 5.5% in the 1st quarter, HoldingsChannel reports. The firm owned 28,700 shares of the utilities provider’s stock after purchasing an additional 1,500 shares during the period. Swiss National Bank’s holdings in MYR Group were worth $885,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Victory Capital Management Inc. raised its holdings in MYR Group by 42.4% during the first quarter. Victory Capital Management Inc. now owns 1,196,799 shares of the utilities provider’s stock worth $36,886,000 after purchasing an additional 356,222 shares in the last quarter. Trexquant Investment LP purchased a new position in MYR Group during the first quarter worth about $313,000. Global X Management Co. LLC raised its holdings in MYR Group by 319.3% during the first quarter. Global X Management Co. LLC now owns 8,512 shares of the utilities provider’s stock worth $262,000 after purchasing an additional 6,482 shares in the last quarter. MetLife Investment Advisors LLC purchased a new position in MYR Group during the fourth quarter worth about $246,000. Finally, Macquarie Group Ltd. raised its holdings in MYR Group by 8.7% during the fourth quarter. Macquarie Group Ltd. now owns 939,473 shares of the utilities provider’s stock worth $33,567,000 after purchasing an additional 74,981 shares in the last quarter. 89.23% of the stock is owned by hedge funds and other institutional investors.
Shares of MYR Group opened at $36.49 on Monday, according to MarketBeat. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.24. MYR Group Inc has a twelve month low of $23.00 and a twelve month high of $40.81. The stock has a market cap of $600.90 million, a price-to-earnings ratio of 35.78 and a beta of 0.59.
MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, May 2nd. The utilities provider reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.17. MYR Group had a net margin of 1.77% and a return on equity of 6.06%. The company had revenue of $345.60 million for the quarter, compared to analyst estimates of $320.64 million. During the same period in the prior year, the business posted $0.07 earnings per share. The firm’s revenue for the quarter was up 15.2% compared to the same quarter last year. equities analysts anticipate that MYR Group Inc will post 1.98 EPS for the current year.
In other MYR Group news, COO Jeffrey J. Waneka sold 993 shares of the company’s stock in a transaction dated Tuesday, May 8th. The shares were sold at an average price of $38.00, for a total transaction of $37,734.00. Following the transaction, the chief operating officer now directly owns 10,371 shares in the company, valued at $394,098. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William A. Koertner sold 39,601 shares of the company’s stock in a transaction dated Thursday, May 3rd. The stock was sold at an average price of $35.00, for a total transaction of $1,386,035.00. The disclosure for this sale can be found here. Insiders have sold 63,508 shares of company stock worth $2,314,566 over the last 90 days. 4.90% of the stock is currently owned by company insiders.
Several research analysts recently issued reports on MYRG shares. BidaskClub cut shares of MYR Group from a “sell” rating to a “strong sell” rating in a report on Tuesday, March 27th. Robert W. Baird set a $40.00 price target on shares of MYR Group and gave the stock a “buy” rating in a report on Wednesday, March 7th. Zacks Investment Research cut shares of MYR Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 15th. Finally, Canaccord Genuity increased their price target on shares of MYR Group from $35.00 to $42.00 and gave the stock a “buy” rating in a report on Friday, March 9th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $35.83.
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 and the renewable energy industries.
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