Fisher Asset Management LLC Increases Position in MYR Group, Inc. $MYRG

Fisher Asset Management LLC raised its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 0.9% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 450,402 shares of the utilities provider’s stock after buying an additional 4,203 shares during the period. Fisher Asset Management LLC’s holdings in MYR Group were worth $93,697,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of MYR Group by 14.7% in the 3rd quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock valued at $254,897,000 after buying an additional 157,157 shares during the period. Principal Financial Group Inc. grew its position in MYR Group by 1.2% in the 3rd quarter. Principal Financial Group Inc. now owns 380,314 shares of the utilities provider’s stock valued at $79,117,000 after acquiring an additional 4,353 shares in the last quarter. Bank of New York Mellon Corp increased its stake in MYR Group by 97.4% during the second quarter. Bank of New York Mellon Corp now owns 350,478 shares of the utilities provider’s stock worth $63,594,000 after purchasing an additional 172,962 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of MYR Group by 0.7% during the first quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock worth $22,998,000 after purchasing an additional 1,437 shares in the last quarter. Finally, Neumeier Poma Investment Counsel LLC lifted its position in shares of MYR Group by 67.8% during the third quarter. Neumeier Poma Investment Counsel LLC now owns 198,401 shares of the utilities provider’s stock worth $41,273,000 after purchasing an additional 80,168 shares in the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Price Performance

Shares of NASDAQ MYRG opened at $273.54 on Tuesday. The stock has a market cap of $4.25 billion, a P/E ratio of 36.33 and a beta of 1.15. MYR Group, Inc. has a twelve month low of $97.72 and a twelve month high of $290.87. The stock has a 50 day moving average of $249.92 and a two-hundred day moving average of $221.23. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.08.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, February 25th. The utilities provider reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $0.60. MYR Group had a net margin of 3.24% and a return on equity of 19.66%. The business had revenue of $973.54 million for the quarter, compared to analysts’ expectations of $897.73 million. During the same period in the previous year, the company posted $0.99 EPS. The company’s quarterly revenue was up 17.3% on a year-over-year basis. On average, research analysts forecast that MYR Group, Inc. will post 1.16 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have commented on MYRG. Cantor Fitzgerald boosted their price target on shares of MYR Group from $285.00 to $311.00 and gave the stock an “overweight” rating in a research note on Monday. Stifel Nicolaus increased their price target on MYR Group from $237.00 to $262.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Weiss Ratings upgraded MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 22nd. The Goldman Sachs Group boosted their price target on shares of MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a report on Friday, November 14th. Finally, Clear Str raised MYR Group to a “strong-buy” rating in a research report on Monday, December 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $222.43.

MYR Group Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.