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

UBS Group AG decreased its holdings in MYR Group, Inc. (NASDAQ:MYRG) by 21.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 54,177 shares of the utilities provider’s stock after selling 14,585 shares during the quarter. UBS Group AG’s holdings in MYR Group were worth $11,838,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of MYR Group by 3.3% in the fourth quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider’s stock worth $276,501,000 after purchasing an additional 40,164 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of MYR Group by 69.2% in the third quarter. Wellington Management Group LLP now owns 624,791 shares of the utilities provider’s stock worth $129,975,000 after purchasing an additional 255,493 shares during the last quarter. Fisher Asset Management LLC grew its stake in shares of MYR Group by 0.9% in the third quarter. Fisher Asset Management LLC now owns 450,402 shares of the utilities provider’s stock worth $93,697,000 after purchasing an additional 4,203 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of MYR Group by 1.2% in the third quarter. Principal Financial Group Inc. now owns 380,314 shares of the utilities provider’s stock worth $79,117,000 after purchasing an additional 4,353 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of MYR Group by 59.9% in the third quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock worth $51,058,000 after purchasing an additional 91,923 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on MYRG shares. Cantor Fitzgerald boosted their price objective 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. Robert W. Baird set a $373.00 target price on shares of MYR Group in a report on Thursday, April 30th. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a report on Tuesday, April 21st. Finally, Stifel Nicolaus set a $503.00 target price on shares of MYR Group in a report on Monday, May 4th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $328.86.

MYR Group Price Performance

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

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