Knights of Columbus Asset Advisors LLC Buys 4,460 Shares of MYR Group Inc. (NASDAQ:MYRG)

Knights of Columbus Asset Advisors LLC increased its stake in MYR Group Inc. (NASDAQ:MYRG) by 11.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,888 shares of the utilities provider’s stock after acquiring an additional 4,460 shares during the quarter. Knights of Columbus Asset Advisors LLC’s holdings in MYR Group were worth $6,058,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Victory Capital Management Inc. grew its position in MYR Group by 25.4% in the 4th quarter. Victory Capital Management Inc. now owns 635,475 shares of the utilities provider’s stock valued at $58,508,000 after purchasing an additional 128,881 shares during the period. BlackRock Inc. grew its position in MYR Group by 2.7% in the 1st quarter. BlackRock Inc. now owns 2,922,873 shares of the utilities provider’s stock valued at $274,868,000 after purchasing an additional 77,662 shares during the period. Millennium Management LLC grew its position in MYR Group by 13.8% in the 4th quarter. Millennium Management LLC now owns 560,654 shares of the utilities provider’s stock valued at $51,619,000 after purchasing an additional 67,933 shares during the period. Assenagon Asset Management S.A. grew its position in MYR Group by 85.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 110,119 shares of the utilities provider’s stock valued at $15,927,000 after purchasing an additional 50,848 shares during the period. Finally, Verition Fund Management LLC acquired a new stake in MYR Group in the 1st quarter valued at $4,721,000. Institutional investors own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Stifel Nicolaus reduced their price target on shares of MYR Group from $185.00 to $184.00 and set a “buy” rating for the company in a research report on Tuesday. Sidoti downgraded shares of MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price target for the company. in a research report on Monday, February 26th. Finally, KeyCorp assumed coverage on shares of MYR Group in a report on Wednesday, January 10th. They set a “sector weight” rating on the stock. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $170.75.

MYR Group Stock Up 0.6 %

MYRG traded up $0.90 during mid-day trading on Friday, reaching $159.73. 20,787 shares of the stock were exchanged, compared to its average volume of 133,416. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.37 and a current ratio of 1.37. The stock has a market capitalization of $2.67 billion, a PE ratio of 29.30 and a beta of 1.08. The company has a 50 day moving average price of $164.35 and a two-hundred day moving average price of $144.18. MYR Group Inc. has a 1 year low of $110.87 and a 1 year high of $181.02.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, February 28th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.02. The firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $904.76 million. MYR Group had a net margin of 2.50% and a return on equity of 14.80%. The business’s revenue for the quarter was up 16.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.46 EPS. As a group, research analysts anticipate that MYR Group Inc. will post 6.64 EPS for the current year.

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.