16,782 Shares in MYR Group, Inc. $MYRG Bought by Deutsche Bank AG

Key Points

• Deutsche Bank purchased 16,782 MYR Group shares worth approximately $8.4 million, giving it a 0.11% stake. Institutional investors collectively own 88.9% of the company.
• MYR Group reported quarterly earnings of $3.17 per share, beating estimates of $2.62, while revenue rose 20.1% year over year to $1.08 billion.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $451.20, although two directors recently sold shares totaling more than $8.1 million.

Deutsche Bank AG bought a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 16,782 shares of the utilities provider's stock, valued at approximately $8,398,000. Deutsche Bank AG owned about 0.11% of MYR Group at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in MYRG. First Trust Advisors LP grew its position in MYR Group by 23.5% during the first quarter. First Trust Advisors LP now owns 203,732 shares of the utilities provider's stock worth $57,518,000 after buying an additional 38,726 shares in the last quarter. Geode Capital Management LLC raised its holdings in MYR Group by 3.5% in the 4th quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider's stock valued at $86,574,000 after acquiring an additional 13,511 shares in the last quarter. Hel Ved Capital Management Ltd acquired a new position in MYR Group in the 4th quarter valued at approximately $3,525,000. Chase Investment Counsel Corp acquired a new position in MYR Group in the 2nd quarter valued at approximately $5,437,000. Finally, Hsbc Holdings PLC lifted its position in shares of MYR Group by 45.5% in the 1st quarter. Hsbc Holdings PLC now owns 9,137 shares of the utilities provider's stock worth $2,542,000 after acquiring an additional 2,856 shares during the period. Institutional investors own 88.90% of the company's stock.

MYR Group Stock Performance

NASDAQ:MYRG opened at $310.87 on Monday. The firm has a market capitalization of $4.84 billion, a PE ratio of 29.49 and a beta of 1.34. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.01. MYR Group, Inc. has a 12-month low of $171.51 and a 12-month high of $503.57. The firm has a 50-day moving average price of $395.71 and a 200 day moving average price of $358.80.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $995.74 million. During the same period in the previous year, the business earned $1.70 earnings per share. The company's quarterly revenue was up 20.1% on a year-over-year basis. Research analysts anticipate that MYR Group, Inc. will post 12.43 earnings per share for the current fiscal year.

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 value of $6,596,852.75. Following the sale, the director directly 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total value of $1,576,750.00. Following the transaction, the director owned 18,631 shares of the company's stock, valued at $8,393,265.50. This represents a 15.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on MYRG shares. Weiss Ratings reissued a "buy (b-)" rating on shares of MYR Group in a report on Friday, July 17th. Oppenheimer restated a "market perform" rating on shares of MYR Group in a research note on Thursday, June 11th. Zacks Research raised MYR Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 10th. Jefferies Financial Group set a $392.00 target price on MYR Group in a research report on Friday, July 10th. Finally, Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research note on Monday, May 4th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $451.20.

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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