Man Group plc purchased a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG – Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 5,503 shares of the utilities provider’s stock, valued at approximately $2,754,000.
Other institutional investors have also added to or reduced their stakes in the company. Kilter Group LLC purchased a new position in MYR Group during the second quarter valued at $25,000. Global Retirement Partners LLC purchased a new stake in shares of MYR Group in the 2nd quarter worth about $30,000. Carolina Wealth Advisors LLC bought a new position in shares of MYR Group in the 2nd quarter worth about $30,000. Allworth Financial LP bought a new position in shares of MYR Group in the 2nd quarter worth about $40,000. Finally, Fiduciary Financial Advisors purchased a new position in MYR Group during the 2nd quarter valued at about $51,000. Institutional investors own 88.90% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on MYRG shares. Wall Street Zen cut shares of MYR Group from a “strong-buy” rating to a “buy” rating in a report on Saturday. Cantor Fitzgerald upped their price target on MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a research report on Friday, July 17th. Oppenheimer reiterated a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. Finally, The Goldman Sachs Group dropped their target price on MYR Group from $469.00 to $422.00 and set a “neutral” rating on the stock in a report on Thursday, August 13th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $451.20.
Insider Activity at MYR Group
In related news, Director Kenneth Michael Hartwick sold 3,500 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the transaction, the director owned 18,631 shares in the company, valued at $8,393,265.50. This represents a 15.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Donald C.I. Lucky sold 14,675 shares of MYR Group stock in a transaction that occurred 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 directly owned 5,579 shares of the company’s stock, valued at approximately $2,507,927.87. This trade represents a 72.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is owned by insiders.
MYR Group Stock Down 1.0%
MYR Group stock opened at $291.42 on Tuesday. MYR Group, Inc. has a 12 month low of $171.51 and a 12 month high of $503.57. The stock has a fifty day simple moving average of $376.97 and a two-hundred day simple moving average of $360.46. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01. The firm has a market cap of $4.54 billion, a price-to-earnings ratio of 27.65 and a beta of 1.34.
MYR Group (NASDAQ:MYRG – Get Free Report) last released its quarterly earnings data 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 return on equity of 24.17% and a net margin of 4.13%.The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $995.74 million. During the same period last year, the firm posted $1.70 earnings per share. MYR Group’s revenue was up 20.1% compared to the same quarter last year. Equities analysts predict that MYR Group, Inc. will post 12.43 EPS for the current fiscal year.
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.
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