Fisher Asset Management LLC Has $80.96 Million Stake in MYR Group, Inc. $MYRG

Fisher Asset Management LLC boosted its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 12.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 446,199 shares of the utilities provider’s stock after purchasing an additional 50,148 shares during the period. Fisher Asset Management LLC owned 2.87% of MYR Group worth $80,963,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Maseco LLP acquired a new stake in shares of MYR Group in the second quarter worth $28,000. Quarry LP lifted its stake in MYR Group by 190.4% in the 1st quarter. Quarry LP now owns 273 shares of the utilities provider’s stock worth $31,000 after acquiring an additional 179 shares in the last quarter. MAI Capital Management boosted its position in MYR Group by 44.8% during the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 56 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in MYR Group during the 2nd quarter valued at about $34,000. Finally, Elevation Point Wealth Partners LLC acquired a new position in shares of MYR Group in the 2nd quarter valued at about $34,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Trading Down 3.4%

MYR Group stock opened at $216.65 on Tuesday. MYR Group, Inc. has a one year low of $97.72 and a one year high of $241.13. The company’s fifty day moving average price is $213.17 and its two-hundred day moving average price is $190.88. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.33 and a quick ratio of 1.33. The company has a market capitalization of $3.36 billion, a price-to-earnings ratio of 35.00 and a beta of 1.24.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.82 by $0.23. The company had revenue of $950.40 million during the quarter, compared to analysts’ expectations of $931.72 million. MYR Group had a return on equity of 16.94% and a net margin of 2.78%.The business’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.65 earnings per share. On average, analysts forecast that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently commented on MYRG. Weiss Ratings restated a “hold (c+)” rating on shares of MYR Group in a report on Tuesday, November 25th. KeyCorp restated a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a report on Monday, November 17th. Stifel Nicolaus lifted their price objective on MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a research report on Thursday, October 9th. Finally, The Goldman Sachs Group upped their target price on MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a research report on Friday, November 14th. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, MYR Group presently has an average rating of “Hold” and an average price target of $201.67.

Insider Transactions at MYR Group

In other MYR Group news, COO Don A. Egan sold 2,900 shares of the stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total transaction of $676,860.00. Following the transaction, the chief operating officer owned 5,797 shares in the company, valued at $1,353,019.80. This trade represents a 33.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.80% of the stock is owned by insiders.

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.