Bank of America Corp DE Has $39.70 Million Stock Position in MYR Group, Inc. $MYRG

Key Points

• Bank of America increased its MYR Group stake by 4.2% in the first quarter, holding 140,611 shares worth approximately $39.7 million. Institutional investors collectively own 88.9% of the company.
• MYR Group reported strong quarterly results, with earnings per share of $3.17 versus the $2.62 consensus estimate and revenue of $1.08 billion, up 20.1% year over year.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $451.20, despite recent insider sales and shares opening at $327.28.

Bank of America Corp DE lifted its position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 4.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 140,611 shares of the utilities provider's stock after acquiring an additional 5,667 shares during the quarter. Bank of America Corp DE owned approximately 0.90% of MYR Group worth $39,697,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Wellington Management Group LLP lifted its stake in shares of MYR Group by 63.5% in the 4th quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider's stock valued at $223,153,000 after acquiring an additional 396,502 shares during the last quarter. Invesco Ltd. lifted its holdings in MYR Group by 59.9% in the third quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider's stock valued at $51,058,000 after acquiring an additional 91,923 shares during the period. Squarepoint Ops LLC raised its position in shares of MYR Group by 274.9% during the 3rd quarter. Squarepoint Ops LLC now owns 121,434 shares of the utilities provider's stock valued at $25,262,000 after buying an additional 89,044 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new stake in shares of MYR Group in the 2nd quarter worth about $13,609,000. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of MYR Group by 220.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 101,072 shares of the utilities provider's stock worth $28,535,000 after purchasing an additional 69,532 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on MYRG. Wall Street Zen lowered MYR Group from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 8th. Jefferies Financial Group set a $392.00 target price on MYR Group in a report on Friday, July 10th. Weiss Ratings reissued a "buy (b-)" rating on shares of MYR Group in a research report on Friday, July 17th. Zacks Research raised MYR Group from a "hold" rating to a "strong-buy" rating in a report on Monday. Finally, Robert W. Baird set a $375.00 price objective on MYR Group in a research report on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $451.20.

MYR Group Price Performance

Shares of NASDAQ:MYRG opened at $327.28 on Friday. The company has a market cap of $5.10 billion, a P/E ratio of 31.05 and a beta of 1.34. The business has a fifty day simple moving average of $408.31 and a 200-day simple moving average of $355.73. MYR Group, Inc. has a 52 week low of $171.51 and a 52 week high of $503.57. 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 (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, topping the consensus estimate of $2.62 by $0.55. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $995.74 million. During the same period in the prior year, the business posted $1.70 earnings per share. The firm's revenue for the quarter was up 20.1% compared to the same quarter last year. Equities research analysts forecast that MYR Group, Inc. will post 12.43 EPS for the current year.

Insider Activity at MYR Group

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of the company's stock in a transaction that occurred on Wednesday, June 3rd. The shares were 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 represents a 15.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was 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 in the company, valued at approximately $2,507,927.87. This represents a 72.45% decrease in their position. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by company insiders.

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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