Van ECK Associates Corp Invests $7.77 Million in MYR Group, Inc. $MYRG

Van ECK Associates Corp purchased a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 15,534 shares of the utilities provider’s stock, valued at approximately $7,773,000. Van ECK Associates Corp owned 0.10% of MYR Group at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of MYRG. BlackRock Inc. purchased a new stake in MYR Group in the 2nd quarter worth approximately $1,232,294,000. Wellington Management Group LLP increased its stake in shares of MYR Group by 63.5% during the fourth quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock valued at $223,153,000 after buying an additional 396,502 shares during the period. Bank of America Corp DE bought a new position in shares of MYR Group during the second quarter valued at approximately $61,365,000. Bank of New York Mellon Corp bought a new position in shares of MYR Group during the second quarter valued at approximately $53,361,000. Finally, Neumeier Poma Investment Counsel LLC purchased a new stake in MYR Group in the second quarter worth $50,008,475. Institutional investors own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

MYRG has been the topic of several recent analyst reports. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. Cantor Fitzgerald raised their target price on shares of MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a research note on Friday, July 17th. The Goldman Sachs Group reduced their price target on shares of MYR Group from $469.00 to $422.00 and set a “neutral” rating on the stock in a research report on Thursday, August 13th. Finally, Jefferies Financial Group set a $392.00 price target on shares of MYR Group in a research note on Friday, July 10th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, MYR Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $451.20.

MYR Group Price Performance

MYRG opened at $286.46 on Wednesday. The stock has a 50-day moving average price of $373.34 and a 200-day moving average price of $360.57. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40. The firm has a market cap of $4.46 billion, a PE ratio of 27.18 and a beta of 1.31. MYR Group, Inc. has a 1 year low of $171.51 and a 1 year high of $503.57.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.62 by $0.55. The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $995.74 million. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. MYR Group’s revenue was up 20.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.70 EPS. Sell-side analysts predict that MYR Group, Inc. will post 12.43 earnings per share for the current fiscal year.

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.