Edgestream Partners L.P. Sells 20,648 Shares of MYR Group, Inc. $MYRG

Key Points

• Edgestream Partners L.P. cut its MYR Group position by 84.5%, selling 20,648 shares and retaining 3,791 shares valued at approximately $1.07 million. Institutional investors collectively own 88.9% of the company.
• Two MYR Group directors sold a combined 18,175 shares for about $8.17 million, reducing their ownership; insiders now hold 1.9% of the stock.
• MYR Group reported strong quarterly results, with EPS of $3.17 versus a $2.62 estimate and revenue up 20.1% year over year to $1.08 billion. Analysts maintain a “Moderate Buy” consensus with a $426 price target.

Edgestream Partners L.P. lowered its position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 84.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,791 shares of the utilities provider's stock after selling 20,648 shares during the quarter. Edgestream Partners L.P.'s holdings in MYR Group were worth $1,070,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional 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% during 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 buying an additional 396,502 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new stake in MYR Group during the fourth quarter valued at about $47,012,000. Invesco Ltd. lifted its position in shares of 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 in the last quarter. Squarepoint Ops LLC lifted its position in shares of MYR Group by 274.9% in the third quarter. Squarepoint Ops LLC now owns 121,434 shares of the utilities provider's stock valued at $25,262,000 after acquiring an additional 89,044 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. purchased a new stake in shares of MYR Group during the second quarter worth about $13,609,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at MYR Group

In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of the company's 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 sale, the director directly owned 5,579 shares in the company, valued at $2,507,927.87. This represents a 72.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the firm'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 value of $1,576,750.00. Following the completion of the sale, 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. The disclosure for this sale is available in the SEC filing. Insiders own 1.90% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MYRG. Jefferies Financial Group set a $392.00 target price on MYR Group in a research note on Friday, July 10th. Robert W. Baird set a $375.00 price objective on shares of MYR Group in a report on Thursday. Weiss Ratings reiterated a "buy (b-)" rating on shares of MYR Group in a research report on Friday, July 17th. Zacks Research downgraded shares of MYR Group from a "strong-buy" rating to a "hold" rating in a report on Friday, July 10th. Finally, Cantor Fitzgerald upped their target price on shares of MYR Group from $311.00 to $564.00 and gave the stock an "overweight" rating in a research report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $426.00.

MYR Group Trading Up 1.5%

MYRG stock opened at $338.14 on Tuesday. The firm has a fifty day moving average price of $428.52 and a 200 day moving average price of $350.87. 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 $5.26 billion, a PE ratio of 32.08 and a beta of 1.31. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.40 and a current ratio of 1.40.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings data 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 analyst estimates of $995.74 million. During the same quarter last year, the business earned $1.70 earnings per share. MYR Group's quarterly revenue was up 20.1% compared to the same quarter last year. Sell-side analysts anticipate that MYR Group, Inc. will post 11.43 earnings per share for the current fiscal year.

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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