MYR Group Inc. (NASDAQ:MYRG) Holdings Lifted by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. grew its position in MYR Group Inc. (NASDAQ:MYRG – Free Report) by 254.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 132,521 shares of the utilities provider’s stock after purchasing an additional 95,161 shares during the period. Assenagon Asset Management S.A. owned approximately 0.79% of MYR Group worth $16,699,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Point72 Middle East FZE bought a new position in shares of MYR Group in the fourth quarter valued at approximately $27,000. Ronald Blue Trust Inc. boosted its holdings in shares of MYR Group by 6,500.0% in the fourth quarter. Ronald Blue Trust Inc. now owns 396 shares of the utilities provider’s stock valued at $34,000 after acquiring an additional 390 shares in the last quarter. Dorsey Wright & Associates bought a new position in shares of MYR Group in the fourth quarter valued at approximately $37,000. Bank Julius Baer & Co. Ltd Zurich bought a new position in shares of MYR Group in the fourth quarter valued at approximately $46,000. Finally, Point72 Hong Kong Ltd bought a new position in shares of MYR Group in the third quarter valued at approximately $49,000. Institutional investors own 85.62% of the company’s stock.

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MYR Group Stock Up 1.3 %

MYRG stock opened at $138.34 on Friday. MYR Group Inc. has a 12 month low of $76.97 and a 12 month high of $140.14. The firm has a market cap of $2.31 billion, a PE ratio of 27.23 and a beta of 0.99. The firm has a 50 day simple moving average of $132.47 and a 200 day simple moving average of $115.94. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.36 and a quick ratio of 1.36.

MYR Group (NASDAQ:MYRG – Free Report) last released its earnings results on Wednesday, April 26th. The utilities provider reported $1.38 EPS for the quarter, beating the consensus estimate of $1.06 by $0.32. The business had revenue of $811.70 million during the quarter, compared to analyst estimates of $721.13 million. MYR Group had a net margin of 2.70% and a return on equity of 15.58%. The business’s quarterly revenue was up 27.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.21 earnings per share. Equities research analysts forecast that MYR Group Inc. will post 5.81 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on MYRG shares. Robert W. Baird increased their price objective on shares of MYR Group from $137.00 to $147.00 in a report on Thursday, April 27th. StockNews.com initiated coverage on shares of MYR Group in a research note on Thursday, May 18th. They set a “buy” rating for the company.

About MYR Group

(Free Report)

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 limited gas construction services, as well as emergency restoration services in response to wildfire, ice, or other related damages.

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