3,980 Shares in MYR Group, Inc. $MYRG Purchased by Canada Pension Plan Investment Board

Key Points

• Canada Pension Plan Investment Board acquired 3,980 MYR Group shares worth approximately $1.99 million in the second quarter. Institutional investors collectively own 88.9% of the company.
• MYR Group reported quarterly EPS of $3.17, beating estimates of $2.62, while revenue rose 20.1% year over year to $1.08 billion.
• Insiders significantly reduced their holdings as two directors sold a combined 18,175 shares. Analysts maintain a “Moderate Buy” consensus with an average price target of $451.20.

Canada Pension Plan Investment Board acquired a new stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,980 shares of the utilities provider's stock, valued at approximately $1,992,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of MYRG. Kilter Group LLC acquired a new position in shares of MYR Group in the 2nd quarter worth approximately $25,000. Carolina Wealth Advisors LLC acquired a new stake in shares of MYR Group during the 2nd quarter valued at approximately $30,000. Global Retirement Partners LLC acquired a new stake in shares of MYR Group during the 2nd quarter valued at approximately $30,000. Farther Finance Advisors LLC lifted its stake in MYR Group by 212.2% during the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider's stock worth $33,000 after purchasing an additional 104 shares during the last quarter. Finally, Parallel Advisors LLC lifted its stake in MYR Group by 207.9% during the first quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider's stock worth $33,000 after purchasing an additional 79 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

Insider Activity

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction dated 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Donald C.I. Lucky sold 14,675 shares of the business's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the transaction, the director directly owned 5,579 shares of the company's stock, valued at $2,507,927.87. The trade was a 72.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.90% of the company's stock.

MYR Group Price Performance

Shares of NASDAQ MYRG opened at $294.42 on Monday. MYR Group, Inc. has a 1-year low of $171.51 and a 1-year high of $503.57. 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 business's fifty day moving average price is $380.81 and its two-hundred day moving average price is $360.30. The firm has a market capitalization of $4.58 billion, a PE ratio of 27.93 and a beta of 1.34.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.62 by $0.55. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $995.74 million. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The company's revenue for the quarter was up 20.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.70 earnings per share. On average, research analysts expect that MYR Group, Inc. will post 12.43 EPS for the current year.

Analysts Set New Price Targets

MYRG has been the subject of several recent research reports. Zacks Research upgraded shares of MYR Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 10th. Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research report on Monday, May 4th. The Goldman Sachs Group decreased their price target 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. Oppenheimer reiterated a "market perform" rating on shares of MYR Group in a research note on Thursday, June 11th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of MYR Group in a report on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, MYR Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $451.20.

MYR Group Company 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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