Connor Clark & Lunn Investment Management Ltd. Buys Shares of 24,253 MYR Group, Inc. $MYRG

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of MYR Group, Inc. (NASDAQ:MYRG) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 24,253 shares of the utilities provider’s stock, valued at approximately $4,401,000.

A number of other large investors also recently modified their holdings of MYRG. Maseco LLP bought a new stake in MYR Group during the 2nd quarter worth $28,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of MYR Group during the second quarter valued at about $34,000. UMB Bank n.a. grew its holdings in shares of MYR Group by 266.0% during the second quarter. UMB Bank n.a. now owns 194 shares of the utilities provider’s stock worth $35,000 after purchasing an additional 141 shares during the last quarter. Quarry LP increased its stake in shares of MYR Group by 190.4% in the first quarter. Quarry LP now owns 273 shares of the utilities provider’s stock valued at $31,000 after buying an additional 179 shares during the period. Finally, Caitong International Asset Management Co. Ltd raised its holdings in MYR Group by 92.7% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider’s stock valued at $39,000 after buying an additional 165 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

MYRG has been the topic of several recent research reports. The Goldman Sachs Group lifted their target price on shares of MYR Group from $168.00 to $205.00 and gave the stock a “neutral” rating in a research report on Thursday, August 7th. KeyCorp reissued a “sector weight” rating on shares of MYR Group in a research note on Wednesday, October 1st. Weiss Ratings upgraded MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, November 7th. Stifel Nicolaus lifted their target price on MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a report on Thursday, October 9th. Finally, Wall Street Zen lowered MYR Group from a “strong-buy” rating to a “buy” rating in a research report on Sunday, November 9th. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, MYR Group presently has a consensus rating of “Hold” and an average price target of $194.50.

MYR Group Stock Performance

Shares of MYRG opened at $219.97 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.14. The firm’s fifty day simple moving average is $203.68 and its two-hundred day simple moving average is $184.59. MYR Group, Inc. has a 12 month low of $97.72 and a 12 month high of $241.13. The stock has a market capitalization of $3.41 billion, a P/E ratio of 35.54 and a beta of 1.24.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.23. MYR Group had a return on equity of 16.94% 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 period last year, the company posted $0.65 EPS. The business’s quarterly revenue was up 7.0% on a year-over-year basis. As a group, analysts predict that MYR Group, Inc. will post 1.16 EPS for the current year.

Insider Transactions at MYR Group

In other MYR Group news, COO Don A. Egan sold 2,900 shares of the stock in a transaction that occurred on Tuesday, November 4th. The stock was 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 approximately $1,353,019.80. This represents a 33.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.80% of the company’s stock.

MYR Group Profile

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 electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.