Crossmark Global Holdings Inc. Invests $207,000 in MYR Group, Inc. (MYRG) Stock
Crossmark Global Holdings Inc. purchased a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 7,120 shares of the utilities provider’s stock, valued at approximately $207,000.
A number of other hedge funds have also added to or reduced their stakes in MYRG. Teachers Advisors LLC increased its holdings in MYR Group by 41.3% during the 1st quarter. Teachers Advisors LLC now owns 84,677 shares of the utilities provider’s stock valued at $3,472,000 after purchasing an additional 24,753 shares in the last quarter. Vanguard Group Inc. increased its holdings in MYR Group by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 876,521 shares of the utilities provider’s stock valued at $35,937,000 after purchasing an additional 29,806 shares in the last quarter. Geode Capital Management LLC increased its holdings in MYR Group by 5.1% during the 1st quarter. Geode Capital Management LLC now owns 174,182 shares of the utilities provider’s stock valued at $7,141,000 after purchasing an additional 8,453 shares in the last quarter. Morgan Stanley increased its holdings in MYR Group by 9.5% during the 1st quarter. Morgan Stanley now owns 94,786 shares of the utilities provider’s stock valued at $3,886,000 after purchasing an additional 8,258 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of MYR Group by 9.0% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 132,989 shares of the utilities provider’s stock valued at $5,453,000 after buying an additional 11,019 shares during the period. 87.14% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently commented on MYRG. FBR & Co lowered their target price on MYR Group from $37.00 to $28.00 and set a “market perform” rating for the company in a research note on Friday, August 18th. B. Riley reissued a “neutral” rating on shares of MYR Group in a research note on Wednesday, November 1st. Robert W. Baird lifted their target price on MYR Group from $34.00 to $35.00 and gave the company an “outperform” rating in a research note on Friday, November 3rd. Stifel Nicolaus reissued a “hold” rating and issued a $36.00 target price on shares of MYR Group in a research note on Tuesday, August 29th. Finally, KeyCorp reissued a “hold” rating on shares of MYR Group in a research note on Friday, September 8th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. MYR Group has an average rating of “Hold” and a consensus price target of $32.40.
Shares of MYR Group, Inc. (NASDAQ MYRG) opened at $35.19 on Monday. The company has a market capitalization of $579.30, a price-to-earnings ratio of 37.84 and a beta of 0.47. MYR Group, Inc. has a 52 week low of $23.00 and a 52 week high of $43.77. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.84 and a quick ratio of 1.84.
MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, November 1st. The utilities provider reported $0.31 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by ($0.17). The firm had revenue of $373.50 million during the quarter, compared to analyst estimates of $350.80 million. MYR Group had a net margin of 1.12% and a return on equity of 5.76%. The firm’s quarterly revenue was up 31.8% on a year-over-year basis. During the same period last year, the business posted $0.38 earnings per share. sell-side analysts predict that MYR Group, Inc. will post 0.79 earnings per share for the current fiscal year.
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MYR Group Profile
MYR Group Inc is a holding company. The Company, through its subsidiaries, provides specialty electrical construction services. The Company performs construction services in two segments: Transmission and Distribution (T&D), and Commercial and Industrial (C&I). The Company provides C&I electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States and western Canada.
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