Swedbank AB Has $8.13 Million Holdings in MYR Group, Inc. $MYRG

Swedbank AB lifted its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 20.4% in the 4th quarter, Holdings Channel reports. The institutional investor owned 37,200 shares of the utilities provider’s stock after purchasing an additional 6,300 shares during the quarter. Swedbank AB’s holdings in MYR Group were worth $8,128,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of MYRG. Farther Finance Advisors LLC lifted its position in MYR Group by 212.2% in the 4th 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 in the last quarter. Signaturefd LLC increased its stake in MYR Group by 65.7% in the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after buying an additional 65 shares during the last quarter. Johnson Financial Group Inc. purchased a new stake in MYR Group in the 3rd quarter valued at about $74,000. USA Financial Formulas purchased a new stake in MYR Group in the 4th quarter valued at about $76,000. Finally, Smartleaf Asset Management LLC increased its stake in MYR Group by 12.7% in the 3rd quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider’s stock valued at $86,000 after buying an additional 47 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

MYR Group Stock Up 3.9%

MYR Group stock opened at $464.35 on Wednesday. MYR Group, Inc. has a 1-year low of $154.62 and a 1-year high of $480.00. The firm has a market capitalization of $7.23 billion, a price-to-earnings ratio of 51.20 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. The firm has a 50 day simple moving average of $351.75 and a 200 day simple moving average of $280.47.

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

Wall Street Analysts Forecast Growth

Several research firms have commented on MYRG. Stifel Nicolaus set a $503.00 price objective on shares of MYR Group in a research note on Monday, May 4th. The Goldman Sachs Group increased 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. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a research note on Tuesday, April 21st. Finally, Robert W. Baird set a $373.00 price target on shares of MYR Group in a research note on Thursday, April 30th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $358.17.

About MYR Group

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.