Mirae Asset Global Investments Co. Ltd. Has $16.82 Million Stock Holdings in MYR Group Inc. (NASDAQ:MYRG)

Posted by Defense World Staff on Aug 5th, 2023

MYR Group logo Mirae Asset Global Investments Co. Ltd. grew its stake in MYR Group Inc. (NASDAQ:MYRG – Free Report) by 6.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 133,453 shares of the utilities provider’s stock after buying an additional 7,558 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.80% of MYR Group worth $16,816,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in MYRG. Simplex Trading LLC acquired a new stake in shares of MYR Group in the first quarter valued at about $25,000. Point72 Middle East FZE acquired a new stake in MYR Group during the fourth quarter worth approximately $27,000. Dorsey Wright & Associates acquired a new stake in MYR Group during the fourth quarter worth approximately $37,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in MYR Group by 29.6% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 605 shares of the utilities provider’s stock worth $56,000 after purchasing an additional 138 shares during the period. Finally, UBS Group AG grew its stake in MYR Group by 696.6% during the third quarter. UBS Group AG now owns 1,171 shares of the utilities provider’s stock worth $99,000 after purchasing an additional 1,024 shares during the period. Institutional investors and hedge funds own 85.62% of the company’s stock.

MYR Group Trading Down 1.5 %

Shares of MYR Group stock opened at $141.34 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.37 and a current ratio of 1.37. MYR Group Inc. has a 52 week low of $76.97 and a 52 week high of $156.63. The stock has a 50 day moving average price of $138.99 and a two-hundred day moving average price of $124.81. The stock has a market capitalization of $2.36 billion, a PE ratio of 26.87 and a beta of 0.99.

MYR Group (NASDAQ:MYRG – Get Free Report) last announced its quarterly earnings data on Wednesday, July 26th. The utilities provider reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.05. MYR Group had a return on equity of 15.53% and a net margin of 2.63%. The firm had revenue of $888.60 million during the quarter, compared to analysts’ expectations of $781.66 million. During the same quarter last year, the firm posted $1.15 earnings per share. The company’s revenue for the quarter was up 25.5% compared to the same quarter last year. As a group, equities analysts anticipate that MYR Group Inc. will post 5.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on MYRG shares. Sidoti cut MYR Group from a “buy” rating to a “neutral” rating and set a $163.00 target price for the company. in a research note on Wednesday, July 19th. StockNews.com started coverage on MYR Group in a research note on Thursday, May 18th. They set a “buy” rating for the company. Finally, Robert W. Baird raised their target price on MYR Group from $147.00 to $170.00 in a research note on Thursday, July 27th.

MYR Group Company Profile

(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.