Gabelli Funds LLC Sells 2,611 Shares of MYR Group, Inc. $MYRG

Gabelli Funds LLC decreased its position in MYR Group, Inc. (NASDAQ:MYRG) by 27.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,736 shares of the utilities provider’s stock after selling 2,611 shares during the period. Gabelli Funds LLC’s holdings in MYR Group were worth $1,401,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in MYR Group by 14.7% in the third quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock valued at $254,897,000 after acquiring an additional 157,157 shares during the period. Assenagon Asset Management S.A. lifted its holdings in shares of MYR Group by 154.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 148,455 shares of the utilities provider’s stock valued at $30,883,000 after purchasing an additional 90,051 shares in the last quarter. Neumeier Poma Investment Counsel LLC grew its position in shares of MYR Group by 67.8% in the 3rd quarter. Neumeier Poma Investment Counsel LLC now owns 198,401 shares of the utilities provider’s stock valued at $41,273,000 after purchasing an additional 80,168 shares during the period. Adage Capital Partners GP L.L.C. acquired a new position in shares of MYR Group in the 2nd quarter valued at approximately $13,609,000. Finally, Boston Partners increased its stake in MYR Group by 70.0% during the 2nd quarter. Boston Partners now owns 151,839 shares of the utilities provider’s stock worth $27,553,000 after purchasing an additional 62,515 shares in the last quarter. Institutional investors own 88.90% of the company’s stock.

MYR Group Price Performance

NASDAQ MYRG opened at $268.97 on Thursday. The firm’s 50 day moving average is $256.17 and its 200-day moving average is $225.15. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $4.18 billion, a PE ratio of 35.72 and a beta of 1.15. MYR Group, Inc. has a 12-month low of $97.72 and a 12-month high of $290.87.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share 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 during the quarter, compared to the consensus estimate of $897.73 million. During the same quarter last year, the firm earned $0.99 earnings per share. The firm’s revenue for the quarter was up 17.3% compared to the same quarter last year. Equities research analysts anticipate that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Weiss Ratings raised shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 22nd. Cantor Fitzgerald boosted their price objective on shares of MYR Group from $285.00 to $311.00 and gave the company an “overweight” rating in a research report on Monday, March 2nd. The Goldman Sachs Group upped their target price on shares of MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 3rd. Finally, Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $235.43.

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.