Algert Global LLC lessened its stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 37.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 47,542 shares of the utilities provider's stock after selling 28,363 shares during the quarter. Algert Global LLC owned 0.31% of MYR Group worth $23,790,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the stock. BlackRock Inc. purchased a new position in MYR Group during the second quarter worth approximately $1,232,294,000. Vanguard Group Inc. increased its position in shares of MYR Group by 3.3% in the fourth quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider's stock valued at $276,501,000 after buying an additional 40,164 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of MYR Group by 63.5% during the 4th quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider's stock worth $223,153,000 after buying an additional 396,502 shares during the period. Fisher Asset Management LLC lifted its position in shares of MYR Group by 4.7% during the 4th quarter. Fisher Asset Management LLC now owns 471,706 shares of the utilities provider's stock valued at $103,068,000 after buying an additional 21,304 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake 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 during the period. Hedge funds and other institutional investors own 88.90% of the company's stock.
Analyst Ratings Changes
A number of brokerages recently weighed in on MYRG. Wall Street Zen raised shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 16th. Jefferies Financial Group set a $392.00 target price on MYR Group in a research report on Friday, July 10th. Stifel Nicolaus set a $503.00 price target on MYR Group in a research note on Monday, May 4th. The Goldman Sachs Group dropped their price target on MYR Group from $469.00 to $422.00 and set a "neutral" rating for the company in a research report on Thursday, August 13th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of MYR Group in a research note on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, MYR Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $451.20.
Read Our Latest Report on MYR Group
Insider Transactions at MYR Group
In related news, Director Kenneth Michael Hartwick sold 3,500 shares of the firm's stock in a transaction that occurred on 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 transaction, the director owned 18,631 shares in the company, valued at $8,393,265.50. This trade represents a 15.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 transaction of $6,596,852.75. Following the completion of the transaction, the director directly owned 5,579 shares in the company, valued at $2,507,927.87. The trade was a 72.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.90% of the stock is owned by insiders.
MYR Group Stock Down 1.8%
Shares of NASDAQ MYRG opened at $305.27 on Tuesday. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.01. The business's 50 day moving average is $392.82 and its two-hundred day moving average is $359.09. MYR Group, Inc. has a 52-week low of $171.51 and a 52-week high of $503.57. The firm has a market cap of $4.75 billion, a price-to-earnings ratio of 28.96 and a beta of 1.34.
MYR Group (NASDAQ:MYRG - Get Free Report) last released its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share 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 return on equity of 24.17% and a net margin of 4.13%.MYR Group's revenue was up 20.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.70 EPS. Research analysts predict that MYR Group, Inc. will post 12.43 EPS for the current year.
MYR Group Company Profile
(
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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