BlackRock Inc. Makes New $1.23 Billion Investment in MYR Group, Inc. $MYRG

Key Points

• BlackRock acquired a new 15.82% stake in MYR Group during the second quarter, purchasing 2.46 million shares valued at approximately $1.23 billion. Institutional investors now own 88.90% of the company.
• MYR Group reported strong quarterly results, with EPS of $3.17 versus the $2.62 consensus estimate and revenue of $1.08 billion, up 20.1% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $451.20, although shares opened at $318 and have declined 2.5%; two directors also sold shares in June.

BlackRock Inc. purchased a new stake 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 & Exchange Commission. The firm purchased 2,462,617 shares of the utilities provider's stock, valued at approximately $1,232,294,000. BlackRock Inc. owned 15.82% of MYR Group as of its most recent SEC filing.

Several other large investors have also made changes to their positions in MYRG. Pallas Capital Advisors LLC bought a new stake in MYR Group during the 2nd quarter valued at approximately $320,000. Deutsche Bank AG bought a new position in MYR Group in the 2nd quarter worth approximately $8,398,000. TimesSquare Capital Management LLC purchased a new stake in MYR Group during the 2nd quarter valued at approximately $26,275,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in MYR Group during the 2nd quarter valued at approximately $70,000. Finally, OneDigital Investment Advisors LLC bought a new stake in shares of MYR Group during the second quarter valued at approximately $439,000. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. The Goldman Sachs Group lowered their target price on shares of MYR Group from $469.00 to $422.00 and set a "neutral" rating on the stock in a report on Thursday, August 13th. Jefferies Financial Group set a $392.00 price target on shares of MYR Group in a report on Friday, July 10th. Oppenheimer reiterated a "market perform" rating on shares of MYR Group in a research note on Thursday, June 11th. Cantor Fitzgerald boosted their price target on shares of MYR Group from $311.00 to $564.00 and gave the stock an "overweight" rating in a research note on Monday, May 11th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of MYR Group in a research report on Friday, July 17th. Two research 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. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $451.20.

MYR Group Stock Down 2.5%

Shares of NASDAQ MYRG opened at $318.00 on Friday. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01. MYR Group, Inc. has a 12-month low of $171.51 and a 12-month high of $503.57. The firm's 50-day moving average price is $398.41 and its 200-day moving average price is $358.42. The stock has a market capitalization of $4.95 billion, a price-to-earnings ratio of 30.17 and a beta of 1.34.

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

Insider Buying and Selling

In related news, Director Donald C.I. Lucky sold 14,675 shares of the firm's stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total value of $6,596,852.75. Following the completion of the sale, the director directly owned 5,579 shares in the company, valued at $2,507,927.87. This trade represents a 72.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction 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 directly owned 18,631 shares of the company's stock, 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 currently owned by 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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