Assenagon Asset Management S.A. Sells 121,911 Shares of MYR Group, Inc. $MYRG

Assenagon Asset Management S.A. cut its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 82.1% during the fourth quarter, HoldingsChannel.com reports. The firm owned 26,544 shares of the utilities provider’s stock after selling 121,911 shares during the period. Assenagon Asset Management S.A.’s holdings in MYR Group were worth $5,800,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the company. CWA Asset Management Group LLC bought a new stake in MYR Group in the 3rd quarter valued at $1,506,000. Russell Investments Group Ltd. lifted its holdings in shares of MYR Group by 22.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 75,878 shares of the utilities provider’s stock worth $13,768,000 after acquiring an additional 13,889 shares during the period. Vanguard Group Inc. boosted its position in shares of MYR Group by 14.7% during the 3rd 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 in the last quarter. SG Americas Securities LLC bought a new stake in MYR Group in the third quarter valued at about $1,516,000. Finally, Fisher Asset Management LLC increased its stake in MYR Group by 0.9% in the third quarter. Fisher Asset Management LLC now owns 450,402 shares of the utilities provider’s stock valued at $93,697,000 after acquiring an additional 4,203 shares during the period. 88.90% of the stock is currently owned by institutional investors and hedge funds.

MYR Group Trading Up 1.6%

Shares of MYRG opened at $273.47 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.33 and a current ratio of 1.33. The company has a market cap of $4.25 billion, a price-to-earnings ratio of 36.32 and a beta of 1.15. The stock has a fifty day moving average price of $265.39 and a two-hundred day moving average price of $232.35. MYR Group, Inc. has a 52-week low of $97.72 and a 52-week high of $290.87.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, February 25th. The utilities provider reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of $1.73 by $0.60. The firm had revenue of $973.54 million for the quarter, compared to analyst estimates of $897.73 million. MYR Group had a net margin of 3.24% and a return on equity of 19.66%. The company’s revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.99 EPS. Analysts predict that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Wall Street Analyst Weigh In

MYRG has been the subject of a number of analyst reports. The Goldman Sachs Group raised their price target 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. Weiss Ratings upgraded MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 22nd. Clear Str raised MYR Group to a “strong-buy” rating in a report on Monday, December 15th. Stifel Nicolaus boosted their price target on MYR Group from $262.00 to $305.00 and gave the company a “buy” rating in a research note on Tuesday, March 3rd. Finally, Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $235.43.

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.