MYR Group Inc. (NASDAQ:MYRG) Stake Increased by Fisher Asset Management LLC

Fisher Asset Management LLC increased its stake in MYR Group Inc. (NASDAQ:MYRG) by 11.1% in the third quarter, Holdings Channel reports. The institutional investor owned 37,752 shares of the utilities provider’s stock after acquiring an additional 3,759 shares during the quarter. Fisher Asset Management LLC’s holdings in MYR Group were worth $3,859,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in MYRG. Price T Rowe Associates Inc. MD boosted its holdings in MYR Group by 6.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 10,121 shares of the utilities provider’s stock worth $1,789,000 after purchasing an additional 588 shares during the period. Moody National Bank Trust Division acquired a new position in MYR Group in the second quarter worth $240,000. Linden Thomas Advisory Services LLC boosted its holdings in MYR Group by 1.7% in the second quarter. Linden Thomas Advisory Services LLC now owns 11,252 shares of the utilities provider’s stock worth $1,527,000 after purchasing an additional 193 shares during the period. Chatham Capital Group Inc. acquired a new position in MYR Group in the second quarter worth $1,032,000. Finally, Assenagon Asset Management S.A. acquired a new position in MYR Group in the second quarter worth $5,163,000. Institutional investors and hedge funds own 88.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MYRG. Robert W. Baird lifted their price objective on shares of MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. The Goldman Sachs Group boosted their price target on shares of MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a report on Monday, November 4th. StockNews.com raised shares of MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Finally, Stifel Nicolaus reduced their price target on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $143.75.

MYR Group Stock Performance

MYRG stock opened at $157.77 on Friday. The company has a market capitalization of $2.54 billion, a P/E ratio of 68.90 and a beta of 0.89. The company has a 50-day simple moving average of $125.38 and a 200 day simple moving average of $127.00. MYR Group Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $181.02. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.40. The business had revenue of $888.00 million during the quarter, compared to the consensus estimate of $917.18 million. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The company’s quarterly revenue was down 5.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.28 earnings per share. Sell-side analysts predict that MYR Group Inc. will post 1.16 earnings per share for the current fiscal year.

MYR Group 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 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.