MYR Group Inc. (NASDAQ:MYRG) Shares Acquired by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. lifted its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 387.9% during the 3rd quarter, Holdings Channel.com reports. The fund owned 185,644 shares of the utilities provider’s stock after buying an additional 147,598 shares during the period. Assenagon Asset Management S.A.’s holdings in MYR Group were worth $18,978,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in MYR Group by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 1,260,930 shares of the utilities provider’s stock valued at $182,368,000 after purchasing an additional 5,055 shares during the last quarter. Capital World Investors boosted its holdings in shares of MYR Group by 578.4% in the 1st quarter. Capital World Investors now owns 974,748 shares of the utilities provider’s stock valued at $172,287,000 after buying an additional 831,066 shares in the last quarter. Swedbank AB purchased a new position in shares of MYR Group in the 1st quarter valued at $51,452,000. Millennium Management LLC raised its stake in 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 in the last quarter. Finally, Driehaus Capital Management LLC lifted its position in MYR Group by 16.4% in the second quarter. Driehaus Capital Management LLC now owns 141,534 shares of the utilities provider’s stock valued at $19,208,000 after acquiring an additional 19,904 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Performance

NASDAQ MYRG opened at $114.36 on Friday. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of 39.16 and a beta of 0.93. The business’s 50 day moving average is $104.88 and its two-hundred day moving average is $130.09. MYR Group Inc. has a 12-month low of $86.60 and a 12-month high of $181.02. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.06.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($1.98). MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The business had revenue of $828.89 million during the quarter, compared to analyst estimates of $876.07 million. During the same period last year, the business posted $1.33 EPS. MYR Group’s revenue was down 6.7% compared to the same quarter last year. Research analysts expect that MYR Group Inc. will post 0.88 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MYRG shares. StockNews.com downgraded MYR Group from a “hold” rating to a “sell” rating in a research note on Wednesday, September 18th. Robert W. Baird reduced their target price on shares of MYR Group from $170.00 to $143.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Stifel Nicolaus dropped their price target on MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Finally, The Goldman Sachs Group decreased their price objective on MYR Group from $182.00 to $124.00 and set a “buy” rating for the company in a research report on Thursday, September 19th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $137.75.

MYR Group Company 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.