Louisiana State Employees Retirement System Makes New $1.95 Million Investment in MYR Group, Inc. $MYRG

Key Points

• Louisiana State Employees Retirement System opened a new position in MYR Group, buying 6,900 shares worth about $1.95 million in the first quarter.
• Institutional ownership remains very high, with hedge funds and other institutions owning 88.90% of MYR Group’s stock; several firms also increased their stakes recently.
• Analysts remain broadly positive on the stock, giving MYR Group an average “Moderate Buy” rating and a consensus price target of $358.17, even as two directors recently sold shares.

Louisiana State Employees Retirement System purchased a new stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 6,900 shares of the utilities provider's stock, valued at approximately $1,948,000.

Several other institutional investors have also recently made changes to their positions in MYRG. Royal Bank of Canada grew its stake in shares of MYR Group by 20.8% in the 1st quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider's stock valued at $1,447,000 after buying an additional 2,205 shares during the period. AQR Capital Management LLC raised its stake in MYR Group by 124.5% during the 1st quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider's stock worth $1,232,000 after buying an additional 6,044 shares during the period. Goldman Sachs Group Inc. raised its stake in MYR Group by 0.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider's stock worth $22,998,000 after buying an additional 1,437 shares during the period. Cetera Investment Advisers bought a new position in MYR Group in the second quarter worth approximately $221,000. Finally, Invesco Ltd. boosted its holdings in MYR Group by 26.9% in the second quarter. Invesco Ltd. now owns 153,512 shares of the utilities provider's stock worth $27,855,000 after acquiring an additional 32,544 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

Insider Activity at MYR Group

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total transaction 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 approximately $8,393,265.50. This trade represents a 15.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Donald C.I. Lucky sold 14,675 shares of MYR Group stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total value of $6,596,852.75. Following the sale, the director owned 5,579 shares in the company, valued at $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. 1.90% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on MYRG. The Goldman Sachs Group boosted their price objective on MYR Group from $248.00 to $296.00 and gave the company a "neutral" rating in a report on Tuesday, March 3rd. Cantor Fitzgerald boosted their price target 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. Stifel Nicolaus set a $503.00 price objective on shares of MYR Group in a research note on Monday, May 4th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of MYR Group in a research note on Tuesday, April 21st. Finally, Zacks Research upgraded shares of MYR Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, MYR Group presently has an average rating of "Moderate Buy" and an average price target of $358.17.

MYR Group Trading Down 0.1%

NASDAQ MYRG opened at $500.40 on Wednesday. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. The business has a fifty day simple moving average of $435.71 and a 200 day simple moving average of $321.73. MYR Group, Inc. has a 12 month low of $171.51 and a 12 month high of $503.57. The firm has a market capitalization of $7.79 billion, a P/E ratio of 55.17 and a beta of 1.32.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its earnings results 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. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The firm had revenue of $1 billion during the quarter, compared to analyst estimates of $932.45 million. During the same quarter in the prior year, the business posted $1.45 EPS. The business's revenue was up 20.0% compared to the same quarter last year. On average, analysts predict that MYR Group, Inc. will post 11.43 EPS for the current fiscal year.

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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