First Trust Advisors LP Increases Holdings in MYR Group, Inc. $MYRG

Key Points

• First Trust Advisors LP increased its stake in MYR Group by 23.5% in the first quarter, bringing its holdings to 203,732 shares worth about $57.5 million.
• MYR Group reported strong quarterly results, with EPS of $2.99 beating estimates by $0.90 and revenue of $1 billion topping expectations. Revenue rose 20% year over year.
• Analysts remain generally positive on the stock, with a Moderate Buy consensus and an average price target of $389.83, though insider selling and mixed ratings show some caution.

First Trust Advisors LP increased its position in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 23.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 203,732 shares of the utilities provider's stock after acquiring an additional 38,726 shares during the period. First Trust Advisors LP owned approximately 1.31% of MYR Group worth $57,518,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of MYRG. Geode Capital Management LLC grew its holdings in MYR Group by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider's stock valued at $86,574,000 after purchasing an additional 13,511 shares during the last quarter. Hel Ved Capital Management Ltd purchased a new position in shares of MYR Group in the fourth quarter valued at $3,525,000. Louisiana State Employees Retirement System acquired a new position in shares of MYR Group during the 1st quarter worth $1,948,000. Inspire Investing LLC raised its stake in shares of MYR Group by 269.5% during the 1st quarter. Inspire Investing LLC now owns 7,910 shares of the utilities provider's stock worth $2,233,000 after buying an additional 5,769 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of MYR Group by 3.3% in the 4th quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider's stock worth $276,501,000 after buying an additional 40,164 shares in the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Cantor Fitzgerald increased their price objective on shares of MYR Group from $311.00 to $564.00 and gave the company an "overweight" rating in a research note on Monday, May 11th. Oppenheimer restated a "market perform" rating on shares of MYR Group in a research report on Thursday, June 11th. Jefferies Financial Group set a $392.00 price target on shares of MYR Group in a report on Friday, July 10th. Robert W. Baird set a $373.00 price target on shares of MYR Group in a research report on Thursday, April 30th. Finally, Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, MYR Group currently has a consensus rating of "Moderate Buy" and an average target price of $389.83.

MYR Group Stock Performance

NASDAQ MYRG opened at $379.17 on Friday. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01. MYR Group, Inc. has a fifty-two week low of $171.51 and a fifty-two week high of $503.57. The business has a fifty day moving average of $441.22 and a 200-day moving average of $345.43. The stock has a market cap of $5.90 billion, a price-to-earnings ratio of 41.80 and a beta of 1.31.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, beating analysts' consensus estimates of $2.09 by $0.90. The business had revenue of $1 billion for the quarter, compared to analyst estimates of $932.45 million. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The business's revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.45 earnings per share. As a group, analysts predict that MYR Group, Inc. will post 11.43 earnings per share for the current fiscal year.

Insider Transactions at MYR Group

In other MYR Group news, Director Kenneth Michael Hartwick sold 3,500 shares of the firm's 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 of the company's stock, valued at $8,393,265.50. This trade represents a 15.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Donald C.I. Lucky sold 14,675 shares of the firm's stock in a transaction dated 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 SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by corporate insiders.

MYR Group Company 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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