BlackRock Inc. acquired a new stake in MYR Group, Inc. (NASDAQ:MYRG – Free Report) during the 2nd quarter, Holdings Channel reports. The institutional investor acquired 2,462,617 shares of the utilities provider’s stock, valued at approximately $1,232,294,000. BlackRock Inc. owned about 0.16% of MYR Group as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Carolina Wealth Advisors LLC purchased a new stake in shares of MYR Group during the second quarter valued at $30,000. Global Retirement Partners LLC purchased a new position in MYR Group in the 2nd quarter worth about $30,000. Farther Finance Advisors LLC increased its stake in MYR Group by 212.2% in the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock worth $33,000 after buying an additional 104 shares during the period. Parallel Advisors LLC lifted its holdings in MYR Group by 207.9% during the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock valued at $33,000 after buying an additional 79 shares in the last quarter. Finally, Acumen Wealth Advisors LLC purchased a new stake in MYR Group in the 4th quarter valued at about $35,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.
Insider Activity at MYR Group
In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of the company’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the completion of the sale, the director owned 5,579 shares in the company, valued at $2,507,927.87. This represents a 72.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the stock in a transaction 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 sale, the director directly owned 18,631 shares in the company, valued at $8,393,265.50. This trade represents a 15.81% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.90% of the company’s stock.
Analyst Upgrades and Downgrades
Get Our Latest Research Report on MYR Group
MYR Group Stock Down 2.5%
Shares of MYR Group stock opened at $318.00 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40. The stock has a market cap of $4.95 billion, a price-to-earnings ratio of 30.17 and a beta of 1.34. The firm’s 50-day moving average is $398.41 and its two-hundred day moving average is $358.42. MYR Group, Inc. has a 1 year low of $171.51 and a 1 year high of $503.57.
MYR Group (NASDAQ:MYRG – Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, beating the consensus estimate of $2.62 by $0.55. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $995.74 million. During the same quarter in the previous year, the business posted $1.70 EPS. The company’s quarterly revenue was up 20.1% compared to the same quarter last year. As a group, research analysts expect that MYR Group, Inc. will post 12.43 earnings per share for the current fiscal year.
MYR Group Profile
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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