Kenneth Michael Hartwick Sells 3,500 Shares of MYR Group (NASDAQ:MYRG) Stock

MYR Group, Inc. (NASDAQ:MYRG – Get Free Report) Director Kenneth Michael Hartwick sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total value of $1,576,750.00. Following the completion of the sale, the director directly owned 18,631 shares in the company, valued at approximately $8,393,265.50. The trade was a 15.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

MYR Group Trading Up 2.3%

NASDAQ MYRG traded up $10.05 on Thursday, reaching $451.40. The stock had a trading volume of 261,604 shares, compared to its average volume of 269,788. The firm has a market capitalization of $7.03 billion, a price-to-earnings ratio of 49.77 and a beta of 1.32. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01. MYR Group, Inc. has a 12-month low of $158.48 and a 12-month high of $484.71. The stock has a fifty day moving average price of $374.75 and a two-hundred day moving average price of $290.14.

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MYR Group (NASDAQ:MYRG – Get Free Report) last announced its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.09 by $0.90. The company had revenue of $1 billion for the quarter, compared to analyst estimates of $932.45 million. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The firm’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.45 earnings per share. As a group, sell-side analysts forecast that MYR Group, Inc. will post 10.59 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

MYRG has been the topic of a number of research analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a research report on Tuesday, April 21st. Robert W. Baird set a $373.00 price objective on MYR Group in a research report on Thursday, April 30th. The Goldman Sachs Group upped their price objective on MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 3rd. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. Finally, Cantor Fitzgerald upped their price objective on MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, MYR Group presently has an average rating of “Moderate Buy” and a consensus target price of $358.17.

Read Our Latest Analysis on MYRG

Institutional Trading of MYR Group

A number of large investors have recently modified their holdings of the stock. Parallel Advisors LLC increased its holdings in MYR Group by 207.9% in the first quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock valued at $33,000 after buying an additional 79 shares during the last quarter. Glenmede Trust Co. NA increased its holdings in MYR Group by 2.2% in the first quarter. Glenmede Trust Co. NA now owns 4,597 shares of the utilities provider’s stock valued at $1,298,000 after buying an additional 100 shares during the last quarter. Axiom Investment Management LLC purchased a new position in MYR Group in the first quarter valued at $1,412,000. Bank of America Corp DE increased its holdings in MYR Group by 4.2% in the first quarter. Bank of America Corp DE now owns 140,611 shares of the utilities provider’s stock valued at $39,697,000 after buying an additional 5,667 shares during the last quarter. Finally, Altshuler Shaham Ltd purchased a new position in MYR Group in the first quarter valued at $560,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Company Profile

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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.

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