Advisors Asset Management Inc. Boosts Stake in MYR Group Inc. (NASDAQ:MYRG)

Advisors Asset Management Inc. grew its stake in MYR Group Inc. (NASDAQ:MYRG) by 8.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,102 shares of the utilities provider’s stock after buying an additional 1,562 shares during the period. Advisors Asset Management Inc. owned 0.11% of MYR Group worth $3,376,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in MYRG. Daiwa Securities Group Inc. purchased a new position in shares of MYR Group in the fourth quarter worth $29,000. Fidelis Capital Partners LLC acquired a new stake in shares of MYR Group in the first quarter worth $48,000. Quest Partners LLC acquired a new stake in shares of MYR Group in the fourth quarter worth $60,000. GAMMA Investing LLC acquired a new stake in shares of MYR Group in the fourth quarter worth $62,000. Finally, Covestor Ltd increased its stake in shares of MYR Group by 23.7% in the first quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock worth $122,000 after acquiring an additional 132 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Stifel Nicolaus cut their price objective on shares of MYR Group from $185.00 to $184.00 and set a “buy” rating on the stock in a research note on Tuesday, April 16th. Robert W. Baird cut their price objective on shares of MYR Group from $185.00 to $180.00 and set an “outperform” rating on the stock in a research note on Thursday, May 2nd. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $173.25.

MYR Group Stock Performance

MYRG stock traded up $6.94 during midday trading on Friday, hitting $150.09. 112,474 shares of the stock traded hands, compared to its average volume of 134,667. The firm has a market cap of $2.52 billion, a P/E ratio of 27.74 and a beta of 0.99. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.40 and a quick ratio of 1.40. The stock’s fifty day simple moving average is $144.90 and its 200-day simple moving average is $153.34. MYR Group Inc. has a 1-year low of $110.87 and a 1-year high of $181.02.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $1.12 EPS for the quarter, beating the consensus estimate of $1.02 by $0.10. The company had revenue of $815.56 million for the quarter, compared to analyst estimates of $854.13 million. MYR Group had a net margin of 2.38% and a return on equity of 13.64%. The firm’s revenue was up .5% on a year-over-year basis. During the same quarter last year, the business earned $1.38 earnings per share. On average, analysts expect that MYR Group Inc. will post 5.4 earnings per share 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.