Assenagon Asset Management S.A. Has $3.51 Million Stock Position in MYR Group, Inc. $MYRG

Key Points

• Assenagon Asset Management cut its MYR Group stake by 63% in the second quarter, selling 11,960 shares and retaining 7,022 shares valued at approximately $3.51 million. 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 expect full-year earnings of $12.43 per share.
• Two company directors sold a combined 18,175 shares worth about $8.17 million in June. Despite the insider selling, analysts maintain a “Moderate Buy” consensus with an average price target of $426.

Assenagon Asset Management S.A. lowered its stake in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 63.0% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 7,022 shares of the utilities provider's stock after selling 11,960 shares during the period. Assenagon Asset Management S.A.'s holdings in MYR Group were worth $3,514,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in MYRG. Bank of Montreal Can increased its stake in shares of MYR Group by 0.8% during the 4th quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider's stock worth $1,319,000 after purchasing an additional 50 shares during the last quarter. Captrust Financial Advisors lifted its stake in shares of MYR Group by 0.7% during the 4th quarter. Captrust Financial Advisors now owns 8,556 shares of the utilities provider's stock valued at $1,869,000 after buying an additional 61 shares in the last quarter. Cetera Investment Advisers lifted its stake in shares of MYR Group by 2.2% during the 4th quarter. Cetera Investment Advisers now owns 2,837 shares of the utilities provider's stock valued at $620,000 after buying an additional 62 shares in the last quarter. Signaturefd LLC boosted its holdings in MYR Group by 65.7% in the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider's stock worth $36,000 after buying an additional 65 shares during the period. Finally, Great Lakes Advisors LLC boosted its holdings in MYR Group by 0.6% in the 4th quarter. Great Lakes Advisors LLC now owns 11,581 shares of the utilities provider's stock worth $2,530,000 after buying an additional 66 shares during the period. Institutional investors own 88.90% of the company's stock.

Insider Transactions at MYR Group

In related news, Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction dated 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 directly owned 5,579 shares of the company's stock, valued at $2,507,927.87. This represents a 72.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the firm'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 sale, the director owned 18,631 shares of the company's stock, valued at $8,393,265.50. This trade 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 corporate insiders.

MYR Group Trading Up 0.8%

Shares of MYRG stock opened at $332.68 on Thursday. The stock has a market capitalization of $5.18 billion, a PE ratio of 31.56 and a beta of 1.34. MYR Group, Inc. has a 1-year low of $171.51 and a 1-year high of $503.57. The business has a 50-day moving average of $410.80 and a 200 day moving average of $355.14. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share 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 company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $995.74 million. During the same period in the prior year, the business posted $1.70 earnings per share. MYR Group's revenue for the quarter was up 20.1% on a year-over-year basis. As a group, sell-side analysts anticipate that MYR Group, Inc. will post 12.43 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Stifel Nicolaus set a $503.00 price target on MYR Group in a report on Monday, May 4th. Oppenheimer reissued a "market perform" rating on shares of MYR Group in a report on Thursday, June 11th. Weiss Ratings restated a "buy (b-)" rating on shares of MYR Group in a research note on Friday, July 17th. Wall Street Zen lowered MYR Group from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 8th. Finally, Jefferies Financial Group set a $392.00 price target on MYR Group in a research report on Friday, July 10th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, MYR Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $426.00.

MYR Group 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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