RiverFront Investment Group LLC Buys New Position in MYR Group, Inc. $MYRG

RiverFront Investment Group LLC purchased a new stake in MYR Group, Inc. (NASDAQ:MYRG) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 1,459 shares of the utilities provider’s stock, valued at approximately $319,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Wellington Management Group LLP grew its position in shares of MYR Group by 69.2% in the 3rd quarter. Wellington Management Group LLP now owns 624,791 shares of the utilities provider’s stock worth $129,975,000 after buying an additional 255,493 shares during the period. Massachusetts Financial Services Co. MA purchased a new stake in shares of MYR Group in the fourth quarter worth $47,012,000. Vanguard Group Inc. raised its position in shares of MYR Group by 14.7% in the 3rd quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock worth $254,897,000 after purchasing an additional 157,157 shares during the last quarter. Invesco Ltd. increased its stake in MYR Group by 59.9% during the 3rd quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock valued at $51,058,000 after purchasing an additional 91,923 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its stake in shares of MYR Group by 274.9% in the third quarter. Squarepoint Ops LLC now owns 121,434 shares of the utilities provider’s stock worth $25,262,000 after buying an additional 89,044 shares in the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Price Performance

NASDAQ MYRG opened at $440.68 on Wednesday. The company has a 50-day moving average price of $333.35 and a 200-day moving average price of $272.59. MYR Group, Inc. has a 52 week low of $154.55 and a 52 week high of $480.00. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $6.86 billion, a P/E ratio of 48.59 and a beta of 1.30.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.09 by $0.90. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The company had revenue of $1 billion for the quarter, compared to the consensus estimate of $932.45 million. During the same quarter last year, the firm posted $1.45 earnings per share. The firm’s revenue was up 20.0% compared to the same quarter last year. Equities research analysts anticipate that MYR Group, Inc. will post 10.59 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have commented on MYRG shares. Cantor Fitzgerald lifted their target price on MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a research report on Tuesday, April 21st. The Goldman Sachs Group raised their price target on shares of MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a report on Tuesday, March 3rd. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Finally, Stifel Nicolaus set a $503.00 target price on shares of MYR Group in a report on Monday, May 4th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, MYR Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $328.86.

MYR Group Company Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.