Geode Capital Management LLC Increases Stock Position in MYR Group, Inc. $MYRG

Key Points

• Geode Capital Management increased its stake in MYR Group by 3.5% in the fourth quarter, ending with 396,166 shares worth about $86.6 million.
• MYR Group reported strong quarterly results, with earnings of $2.99 per share beating estimates and revenue rising 20% year over year to $1 billion.
• Wall Street sentiment remains positive overall, with analysts assigning a Moderate Buy rating and a consensus price target of $358.17, while insiders recently sold shares in June.

Geode Capital Management LLC grew its stake in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 3.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 396,166 shares of the utilities provider's stock after acquiring an additional 13,511 shares during the quarter. Geode Capital Management LLC owned about 2.55% of MYR Group worth $86,574,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in MYRG. Wellington Management Group LLP boosted its holdings in shares of MYR Group by 69.2% during the 3rd quarter. Wellington Management Group LLP now owns 624,791 shares of the utilities provider's stock valued at $129,975,000 after acquiring an additional 255,493 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in shares of MYR Group during the 4th quarter valued at about $47,012,000. Vanguard Group Inc. boosted its holdings in shares of MYR Group by 14.7% during the 3rd quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider's stock valued at $254,897,000 after acquiring an additional 157,157 shares during the last quarter. Invesco Ltd. lifted its stake in shares of MYR Group by 59.9% in the 3rd quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider's stock worth $51,058,000 after purchasing an additional 91,923 shares during the period. Finally, Squarepoint Ops LLC lifted its stake in shares of MYR Group by 274.9% in the 3rd quarter. Squarepoint Ops LLC now owns 121,434 shares of the utilities provider's stock worth $25,262,000 after purchasing an additional 89,044 shares during the period. Hedge funds and other institutional investors own 88.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MYRG. 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 research note on Monday, May 11th. Weiss Ratings reiterated a "buy (b-)" rating on shares of MYR Group in a research note on Tuesday, April 21st. Robert W. Baird set a $373.00 price objective on shares of MYR Group in a research note on Thursday, April 30th. The Goldman Sachs Group increased their price objective on shares of MYR Group from $248.00 to $296.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 3rd. Finally, Stifel Nicolaus set a $503.00 price objective on shares of MYR Group in a research note on Monday, May 4th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, MYR Group presently has an average rating of "Moderate Buy" and a consensus price target of $358.17.

MYR Group Price Performance

Shares of NASDAQ:MYRG opened at $445.66 on Monday. MYR Group, Inc. has a twelve month low of $158.48 and a twelve month high of $484.71. The stock has a market capitalization of $6.94 billion, a PE ratio of 49.14 and a beta of 1.32. The firm's 50 day moving average price is $381.31 and its 200-day moving average price is $293.29. 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 (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, topping analysts' consensus estimates of $2.09 by $0.90. The business had revenue of $1 billion during the quarter, compared to analyst estimates of $932.45 million. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The company's revenue was up 20.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.45 earnings per share. Equities research analysts expect that MYR Group, Inc. will post 10.59 EPS for the current year.

Insiders Place Their Bets

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of the 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 completion of the sale, the director directly owned 18,631 shares of the company's stock, valued at $8,393,265.50. This represents a 15.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Donald C.I. Lucky sold 14,675 shares of the 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 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.90% of the company's stock.

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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