Dimensional Fund Advisors LP Boosts Stock Holdings in MYR Group, Inc. $MYRG

Dimensional Fund Advisors LP grew its stake in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 2.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 376,175 shares of the utilities provider's stock after buying an additional 10,198 shares during the quarter. Dimensional Fund Advisors LP owned 2.42% of MYR Group worth $106,187,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of MYRG. Parallel Advisors LLC boosted its holdings in MYR Group by 207.9% during the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider's stock valued at $33,000 after acquiring an additional 79 shares during the period. SEB Asset Management AB bought a new stake in MYR Group in the first quarter valued at approximately $533,000. Swiss National Bank lifted its position in MYR Group by 0.3% in the first quarter. Swiss National Bank now owns 30,700 shares of the utilities provider's stock valued at $8,667,000 after purchasing an additional 100 shares during the last quarter. Hillsdale Investment Management Inc. lifted its position in MYR Group by 4.8% in the first quarter. Hillsdale Investment Management Inc. now owns 32,890 shares of the utilities provider's stock valued at $9,286,000 after purchasing an additional 1,500 shares during the last quarter. Finally, Fifth Third Bancorp boosted its stake in shares of MYR Group by 3,075.0% during the first quarter. Fifth Third Bancorp now owns 3,810 shares of the utilities provider's stock valued at $1,076,000 after purchasing an additional 3,690 shares during the period. Hedge funds and other institutional investors own 88.90% of the company's stock.

MYR Group Price Performance

Shares of MYRG stock opened at $340.72 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31. MYR Group, Inc. has a fifty-two week low of $171.51 and a fifty-two week high of $503.57. The firm has a market cap of $5.31 billion, a P/E ratio of 37.57 and a beta of 1.31. The business's 50 day moving average price is $437.60 and its 200-day moving average price is $347.91.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, beating analysts' consensus estimates of $2.09 by $0.90. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The company had revenue of $1 billion during the quarter, compared to the consensus estimate of $932.45 million. During the same quarter in the prior year, the company earned $1.45 earnings per share. The firm's revenue for the quarter was up 20.0% on a year-over-year basis. On average, equities research analysts anticipate that MYR Group, Inc. will post 11.43 earnings per share for the current year.

Insider Buying and Selling at MYR Group

In other news, Director Donald C.I. Lucky sold 14,675 shares of the firm's 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 sale, the director directly owned 5,579 shares of the company's stock, valued at approximately $2,507,927.87. This trade represents a 72.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction dated 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 sale, 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 position. The disclosure for this sale is available in the SEC filing. Insiders own 1.90% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MYRG. Stifel Nicolaus set a $503.00 target price on shares of MYR Group in a report on Monday, May 4th. Weiss Ratings reiterated a "buy (b-)" rating on shares of MYR Group in a report on Friday, July 17th. Jefferies Financial Group set a $392.00 price target on shares of MYR Group in a research report on Friday, July 10th. Oppenheimer reissued a "market perform" rating on shares of MYR Group in a report on Thursday, June 11th. Finally, Robert W. Baird set a $373.00 price objective on shares of MYR Group in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $389.83.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.