UBS Group AG Sells 14,585 Shares of MYR Group, Inc. $MYRG

UBS Group AG trimmed its position in MYR Group, Inc. (NASDAQ:MYRG) by 21.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 54,177 shares of the utilities provider’s stock after selling 14,585 shares during the quarter. UBS Group AG owned 0.35% of MYR Group worth $11,838,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its stake in MYR Group by 212.2% in the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 104 shares during the last quarter. Signaturefd LLC increased its stake in MYR Group by 65.7% in the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after acquiring an additional 65 shares during the last quarter. First Horizon Corp bought a new position in MYR Group in the third quarter valued at approximately $47,000. USA Financial Formulas bought a new position in MYR Group in the fourth quarter valued at approximately $76,000. Finally, Johnson Financial Group Inc. bought a new position in MYR Group in the third quarter valued at approximately $74,000. 88.90% of the stock is owned by institutional investors.

MYR Group Stock Performance

Shares of MYRG stock opened at $467.46 on Friday. The business’s 50-day moving average price is $326.13 and its 200-day moving average price is $269.10. MYR Group, Inc. has a 12 month low of $154.55 and a 12 month high of $479.96. The firm has a market capitalization of $7.28 billion, a price-to-earnings ratio of 51.54 and a beta of 1.30. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, beating analysts’ consensus estimates of $2.09 by $0.90. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The firm had revenue of $1 billion for the quarter, compared to analyst estimates of $932.45 million. During the same period last year, the firm posted $1.45 earnings per share. The business’s revenue for the quarter was up 20.0% on a year-over-year basis. Equities research analysts forecast that MYR Group, Inc. will post 10.59 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a research note on Tuesday, April 21st. The Goldman Sachs Group lifted their price objective on shares of MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research note on Tuesday, March 3rd. Cantor Fitzgerald boosted their target price on shares of MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Finally, Robert W. Baird set a $373.00 price target on shares of MYR Group in a report on Thursday, April 30th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $328.86.

MYR Group Company 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.