Bank of New York Mellon Corp Buys Shares of 106,637 MYR Group, Inc. $MYRG

Key Points

• Bank of New York Mellon acquired 106,637 MYR Group shares worth approximately $53.4 million, giving it a 0.68% stake; institutional investors collectively own 88.9% of the company.
• MYR Group reported strong quarterly results, with EPS of $3.17 beating estimates by $0.55 and revenue rising 20.1% year over year to $1.08 billion.
• Shares opened at $309.39, down 1.1%, while analysts maintained a “Moderate Buy” consensus with an average price target of $451.20; two directors also sold shares in June.

Bank of New York Mellon Corp bought a new position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 106,637 shares of the utilities provider's stock, valued at approximately $53,361,000. Bank of New York Mellon Corp owned 0.68% of MYR Group as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of MYRG. Carolina Wealth Advisors LLC acquired a new position in MYR Group in the second quarter valued at approximately $30,000. Parallel Advisors LLC raised its position in shares of MYR Group by 207.9% during the 1st 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 period. Farther Finance Advisors LLC lifted its holdings in shares of MYR Group by 212.2% in the 4th 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. Acumen Wealth Advisors LLC bought a new stake in shares of MYR Group in the 4th quarter worth approximately $35,000. Finally, Hantz Financial Services Inc. boosted its position in MYR Group by 271.2% during the 4th quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider's stock valued at $48,000 after purchasing an additional 160 shares during the period. 88.90% of the stock is currently owned by institutional investors.

MYR Group Stock Down 1.1%

MYRG stock opened at $309.39 on Friday. MYR Group, Inc. has a 52-week low of $171.51 and a 52-week high of $503.57. The company's 50 day simple moving average is $384.14 and its 200-day simple moving average is $360.13. 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 firm has a market capitalization of $4.82 billion, a P/E ratio of 29.35 and a beta of 1.34.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $995.74 million. During the same quarter in the prior year, the firm earned $1.70 EPS. The firm's quarterly revenue was up 20.1% on a year-over-year basis. As a group, equities research analysts anticipate that MYR Group, Inc. will post 12.43 EPS for the current year.

Insiders Place Their Bets

In other news, Director Donald C.I. Lucky sold 14,675 shares of MYR Group stock in a transaction 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 owned 5,579 shares in the company, valued at approximately $2,507,927.87. The trade was a 72.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the company's stock in a transaction on 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 transaction, the director directly owned 18,631 shares in the company, valued at $8,393,265.50. The trade was a 15.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MYRG. Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 16th. Weiss Ratings reissued a "buy (b-)" rating on shares of MYR Group in a report on Friday, July 17th. Robert W. Baird set a $375.00 price target on shares of MYR Group in a research report on Thursday, July 30th. Cantor Fitzgerald increased their price objective on shares of MYR Group from $311.00 to $564.00 and gave the stock an "overweight" rating in a report on Monday, May 11th. Finally, Zacks Research upgraded shares of MYR Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 10th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $451.20.

About MYR Group

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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