Wells Fargo & Company MN increased its holdings in shares of MYR Group Inc (NASDAQ:MYRG) by 7.3% in the third quarter, HoldingsChannel reports. The firm owned 77,129 shares of the utilities provider’s stock after acquiring an additional 5,246 shares during the period. Wells Fargo & Company MN’s holdings in MYR Group were worth $2,247,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. BNP Paribas Arbitrage SA increased its position in MYR Group by 4.2% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,424 shares of the utilities provider’s stock worth $168,000 after purchasing an additional 217 shares in the last quarter. Royal Bank of Canada grew its position in MYR Group by 11.4% in the second quarter. Royal Bank of Canada now owns 8,325 shares of the utilities provider’s stock valued at $258,000 after acquiring an additional 852 shares in the last quarter. Voya Investment Management LLC grew its position in MYR Group by 11.0% in the second quarter. Voya Investment Management LLC now owns 9,520 shares of the utilities provider’s stock valued at $295,000 after acquiring an additional 941 shares in the last quarter. TIAA CREF Investment Management LLC grew its position in MYR Group by 0.9% in the second quarter. TIAA CREF Investment Management LLC now owns 174,415 shares of the utilities provider’s stock valued at $5,410,000 after acquiring an additional 1,537 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in MYR Group by 14.0% in the second quarter. The Manufacturers Life Insurance Company now owns 13,315 shares of the utilities provider’s stock valued at $413,000 after acquiring an additional 1,631 shares in the last quarter. 87.16% of the stock is owned by hedge funds and other institutional investors.

Shares of MYR Group Inc (MYRG) opened at $35.77 on Tuesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.84 and a quick ratio of 1.84. MYR Group Inc has a 1 year low of $23.00 and a 1 year high of $43.77. The stock has a market cap of $588.85, a P/E ratio of 38.46 and a beta of 0.48.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, November 1st. The utilities provider reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.17). MYR Group had a return on equity of 5.76% and a net margin of 1.12%. The company had revenue of $373.50 million for the quarter, compared to analyst estimates of $350.80 million. During the same period in the previous year, the business posted $0.38 EPS. The firm’s quarterly revenue was up 31.8% compared to the same quarter last year. equities research analysts forecast that MYR Group Inc will post 0.79 EPS for the current fiscal year.

MYRG has been the subject of several recent research reports. TheStreet raised shares of MYR Group from a “c+” rating to a “b-” rating in a research report on Thursday, November 16th. BidaskClub downgraded shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 15th. Robert W. Baird increased their price objective on shares of MYR Group from $34.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, November 3rd. B. Riley increased their price objective on shares of MYR Group from $28.00 to $35.00 and gave the company a “neutral” rating in a research report on Thursday, November 16th. Finally, Zacks Investment Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating and set a $41.00 price objective for the company in a research report on Wednesday, January 3rd. Five research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. MYR Group presently has an average rating of “Buy” and an average target price of $34.83.

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MYR Group Company Profile

MYR Group Inc is a holding company. The Company, through its subsidiaries, provides specialty electrical construction services. The Company performs construction services in two segments: Transmission and Distribution (T&D), and Commercial and Industrial (C&I). The Company provides C&I electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States and western Canada.

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Institutional Ownership by Quarter for MYR Group (NASDAQ:MYRG)

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