Jupiter Topco LLC purchased a new position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 21,807 shares of the utilities provider's stock, valued at approximately $10,911,000. Jupiter Topco LLC owned 0.14% of MYR Group as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also added to or reduced their stakes in the company. Royal Bank of Canada raised its stake in shares of MYR Group by 20.8% in the first quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider's stock worth $1,447,000 after purchasing an additional 2,205 shares during the last quarter. AQR Capital Management LLC boosted its position in MYR Group by 124.5% in the first quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider's stock valued at $1,232,000 after buying an additional 6,044 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in MYR Group by 0.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider's stock worth $22,998,000 after buying an additional 1,437 shares during the period. Cetera Investment Advisers acquired a new position in MYR Group in the 2nd quarter worth approximately $221,000. Finally, Invesco Ltd. raised its position in MYR Group by 26.9% during the 2nd quarter. Invesco Ltd. now owns 153,512 shares of the utilities provider's stock worth $27,855,000 after buying an additional 32,544 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.
Analyst Ratings Changes
Several analysts have commented on MYRG shares. Jefferies Financial Group set a $392.00 price objective on shares of MYR Group in a research note on Friday, July 10th. Stifel Nicolaus set a $503.00 price objective on shares of MYR Group in a research note on Monday, May 4th. The Goldman Sachs Group reduced their target price on shares of MYR Group from $469.00 to $422.00 and set a "neutral" rating for the company in a report on Thursday, August 13th. Zacks Research upgraded shares of MYR Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 10th. Finally, Wall Street Zen lowered shares of MYR Group from a "strong-buy" rating to a "buy" rating in a report on Saturday. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, MYR Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $451.20.
View Our Latest Stock Analysis on MYR Group
MYR Group Trading Down 4.8%
MYR Group stock opened at $294.42 on Friday. The company has a current ratio of 1.40, a quick 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 stock's 50 day simple moving average is $380.81 and its two-hundred day simple moving average is $359.67. The firm has a market cap of $4.58 billion, a PE ratio of 27.93 and a beta of 1.34.
MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $995.74 million. During the same quarter last year, the company earned $1.70 EPS. The business's revenue was up 20.1% on a year-over-year basis. Analysts anticipate that MYR Group, Inc. will post 12.43 earnings per share for the current year.
Insider Buying and Selling at MYR Group
In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of MYR Group stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total value of $6,596,852.75. Following the completion of the transaction, the director owned 5,579 shares of the company's stock, valued at approximately $2,507,927.87. The trade was a 72.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the company's stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the completion of the transaction, the director owned 18,631 shares of the company's stock, valued at approximately $8,393,265.50. This trade represents a 15.81% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is currently owned by company insiders.
About MYR Group
(
Free Report)
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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