MYR Group, Inc. $MYRG Shares Purchased by J. Safra Sarasin Holding AG

J. Safra Sarasin Holding AG boosted its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 25.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,738 shares of the utilities provider’s stock after purchasing an additional 7,044 shares during the period. J. Safra Sarasin Holding AG’s holdings in MYR Group were worth $7,227,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in MYRG. MAI Capital Management boosted its holdings in MYR Group by 44.8% in the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 56 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of MYR Group in the 2nd quarter valued at about $34,000. Elevation Point Wealth Partners LLC purchased a new stake in shares of MYR Group during the 2nd quarter worth about $34,000. Salomon & Ludwin LLC acquired a new stake in MYR Group during the 3rd quarter worth approximately $34,000. Finally, First Horizon Corp purchased a new position in MYR Group in the third quarter valued at approximately $47,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Stock Up 1.0%

Shares of NASDAQ MYRG opened at $253.08 on Wednesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.33 and a current ratio of 1.33. MYR Group, Inc. has a 1 year low of $97.72 and a 1 year high of $263.48. The stock’s 50-day simple moving average is $227.73 and its 200-day simple moving average is $208.27. The firm has a market cap of $3.93 billion, a price-to-earnings ratio of 40.89 and a beta of 1.18.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.23. MYR Group had a return on equity of 16.65% and a net margin of 2.78%.The firm had revenue of $950.40 million during the quarter, compared to analyst estimates of $931.72 million. During the same quarter last year, the firm earned $0.65 EPS. MYR Group’s quarterly revenue was up 7.0% on a year-over-year basis. As a group, equities analysts anticipate that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on MYRG shares. Stifel Nicolaus increased their price objective on shares of MYR Group from $237.00 to $262.00 and gave the stock a “buy” rating in a research report on Monday. Clear Str raised MYR Group to a “strong-buy” rating in a research report on Monday, December 15th. Weiss Ratings upgraded MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 22nd. Zacks Research lowered MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 30th. Finally, The Goldman Sachs Group boosted their price target on MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a research report on Friday, November 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $218.71.

Insider Activity

In other MYR Group news, COO Don A. Egan sold 2,900 shares of the stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total transaction of $676,860.00. Following the transaction, the chief operating officer directly owned 5,797 shares in the company, valued at $1,353,019.80. This represents a 33.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.80% of the company’s stock.

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.