MYR Group Inc. (NASDAQ:MYRG) Shares Bought by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. raised its holdings in MYR Group Inc. (NASDAQ:MYRG) by 85.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 110,119 shares of the utilities provider’s stock after acquiring an additional 50,848 shares during the period. Assenagon Asset Management S.A. owned approximately 0.66% of MYR Group worth $15,927,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Mitchell Capital Management Co. grew its stake in shares of MYR Group by 0.6% in the 3rd quarter. Mitchell Capital Management Co. now owns 33,627 shares of the utilities provider’s stock valued at $4,532,000 after buying an additional 199 shares during the period. Qube Research & Technologies Ltd grew its stake in shares of MYR Group by 52.7% in the 3rd quarter. Qube Research & Technologies Ltd now owns 19,605 shares of the utilities provider’s stock valued at $2,642,000 after buying an additional 6,766 shares during the period. Lord Abbett & CO. LLC grew its stake in shares of MYR Group by 29.8% in the 3rd quarter. Lord Abbett & CO. LLC now owns 90,891 shares of the utilities provider’s stock valued at $12,248,000 after buying an additional 20,885 shares during the period. Townsend & Associates Inc grew its stake in shares of MYR Group by 20.9% in the 3rd quarter. Townsend & Associates Inc now owns 50,446 shares of the utilities provider’s stock valued at $6,798,000 after buying an additional 8,712 shares during the period. Finally, Kornitzer Capital Management Inc. KS grew its stake in shares of MYR Group by 42.4% in the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 31,890 shares of the utilities provider’s stock valued at $4,297,000 after buying an additional 9,500 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Stock Performance

Shares of MYRG stock opened at $176.75 on Friday. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.05. MYR Group Inc. has a 52 week low of $110.87 and a 52 week high of $179.68. The stock has a market capitalization of $2.96 billion, a PE ratio of 32.61 and a beta of 1.08. The firm has a 50 day moving average of $157.02 and a two-hundred day moving average of $140.72.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, February 28th. The utilities provider reported $1.43 EPS for the quarter, beating the consensus estimate of $1.41 by $0.02. MYR Group had a net margin of 2.50% and a return on equity of 14.80%. The company had revenue of $1 billion during the quarter, compared to analysts’ expectations of $904.76 million. During the same quarter last year, the company posted $1.46 EPS. The firm’s revenue was up 16.2% compared to the same quarter last year. On average, research analysts predict that MYR Group Inc. will post 6.65 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on MYRG. The Goldman Sachs Group assumed coverage on shares of MYR Group in a research note on Friday, December 15th. They issued a “buy” rating and a $164.00 price target for the company. KeyCorp assumed coverage on shares of MYR Group in a research report on Wednesday, January 10th. They set a “sector weight” rating for the company. Stifel Nicolaus increased their price objective on shares of MYR Group from $168.00 to $185.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Finally, Sidoti cut shares of MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price objective for the company. in a research report on Monday, February 26th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $171.00.

MYR Group Company Profile

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.