Lazard Asset Management LLC Grows Stock Holdings in MYR Group, Inc. $MYRG

Key Points

• Lazard Asset Management increased its MYR Group stake by 699.1% in the first quarter, holding 74,950 shares worth approximately $21.2 million. Institutional investors collectively own 88.9% of the company.
• MYR Group directors sold a combined 18,175 shares on June 3 for roughly $8.2 million, substantially reducing their positions. Corporate insiders retain 1.9% ownership.
• The stock opened at $340.72, down 7.7%, despite strong quarterly results: EPS of $2.99 beat estimates by $0.90 and revenue rose 20% year over year to $1 billion. Analysts maintain a consensus “Moderate Buy” rating with a $389.83 price target.

Lazard Asset Management LLC boosted its stake in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 699.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 74,950 shares of the utilities provider's stock after buying an additional 65,571 shares during the quarter. Lazard Asset Management LLC owned 0.48% of MYR Group worth $21,160,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Castleark Management LLC acquired a new stake in shares of MYR Group during the 1st quarter valued at approximately $4,958,000. Public Employees Retirement System of Ohio grew its holdings in shares of MYR Group by 16.0% in the 1st quarter. Public Employees Retirement System of Ohio now owns 8,385 shares of the utilities provider's stock worth $2,367,000 after acquiring an additional 1,155 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in shares of MYR Group by 220.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 101,072 shares of the utilities provider's stock worth $28,535,000 after acquiring an additional 69,532 shares during the period. Sei Investments Co. increased its stake in MYR Group by 68.8% in the 1st quarter. Sei Investments Co. now owns 17,498 shares of the utilities provider's stock valued at $4,940,000 after purchasing an additional 7,129 shares in the last quarter. Finally, Globeflex Capital L P purchased a new position in MYR Group in the 1st quarter valued at approximately $264,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at MYR Group

In other MYR Group news, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction dated Wednesday, June 3rd. The stock was 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 owned 18,631 shares in the company, valued at $8,393,265.50. The trade was a 15.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Donald C.I. Lucky sold 14,675 shares of the company's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the transaction, the director directly owned 5,579 shares of the company's stock, valued at approximately $2,507,927.87. This represents a 72.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.90% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on the company. Jefferies Financial Group set a $392.00 target price on MYR Group in a research report on Friday, July 10th. Zacks Research cut MYR Group from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 10th. Cantor Fitzgerald lifted their price target on MYR Group from $311.00 to $564.00 and gave the stock an "overweight" rating in a research note on Monday, May 11th. Stifel Nicolaus set a $503.00 price objective on shares of MYR Group in a research report on Monday, May 4th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of MYR Group in a research note on Friday, July 17th. 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 stock. Based on data from MarketBeat.com, MYR Group has a consensus rating of "Moderate Buy" and a consensus price target of $389.83.

MYR Group Trading Down 7.7%

Shares of MYRG opened at $340.72 on Wednesday. MYR Group, Inc. has a fifty-two week low of $171.51 and a fifty-two week high of $503.57. The company has a market capitalization of $5.31 billion, a PE ratio of 37.57 and a beta of 1.31. The stock has a fifty day moving average of $437.60 and a two-hundred day moving average of $347.91. 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 (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.90. The business had revenue of $1 billion for the quarter, compared to analysts' expectations 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 was up 20.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.45 earnings per share. As a group, analysts forecast that MYR Group, Inc. will post 11.43 EPS for the current year.

About MYR Group

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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