MYR Group Inc. (NASDAQ:MYRG) Shares Acquired by Fifth Third Bancorp

Fifth Third Bancorp boosted its holdings in MYR Group Inc. (NASDAQ:MYRG) by 66.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,031 shares of the utilities provider’s stock after purchasing an additional 1,613 shares during the quarter. Fifth Third Bancorp’s holdings in MYR Group were worth $600,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Jacobs Levy Equity Management Inc. acquired a new position in MYR Group in the third quarter valued at $24,145,000. Assenagon Asset Management S.A. grew its holdings in MYR Group by 387.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider’s stock valued at $18,978,000 after buying an additional 147,598 shares during the period. TimesSquare Capital Management LLC increased its stake in shares of MYR Group by 178.5% during the 3rd quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider’s stock valued at $21,794,000 after acquiring an additional 136,643 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of MYR Group by 68.9% during the 2nd quarter. Millennium Management LLC now owns 171,329 shares of the utilities provider’s stock worth $23,251,000 after acquiring an additional 69,886 shares during the period. Finally, BNP Paribas Financial Markets boosted its position in shares of MYR Group by 586.2% in the third quarter. BNP Paribas Financial Markets now owns 70,335 shares of the utilities provider’s stock worth $7,190,000 after acquiring an additional 60,085 shares during the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

MYR Group Trading Up 1.9 %

Shares of MYR Group stock opened at $144.18 on Friday. MYR Group Inc. has a 1 year low of $86.60 and a 1 year high of $181.02. The company has a market capitalization of $2.32 billion, a price-to-earnings ratio of 62.96 and a beta of 0.96. The business has a fifty day simple moving average of $153.25 and a two-hundred day simple moving average of $129.41. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.40. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The business had revenue of $888.00 million for the quarter, compared to analyst estimates of $917.18 million. During the same quarter in the prior year, the business earned $1.28 EPS. MYR Group’s quarterly revenue was down 5.5% on a year-over-year basis. Research analysts forecast that MYR Group Inc. will post 1.16 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have issued reports on MYRG. StockNews.com raised shares of MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Stifel Nicolaus boosted their price objective on MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. The Goldman Sachs Group increased their target price on MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Finally, Robert W. Baird boosted their price target on shares of MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $157.00.

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.