MYR Group, Inc. $MYRG Shares Acquired by Arrowstreet Capital Limited Partnership

Key Points

• Arrowstreet Capital increased its MYR Group stake by 220.5% in the first quarter, acquiring 69,532 additional shares for a total holding of 101,072 shares valued at approximately $28.5 million. Institutional investors collectively own 88.9% of the company.
• MYR Group reported quarterly EPS of $3.17, exceeding estimates of $2.62, while revenue rose 20.1% year over year to $1.08 billion. Despite the strong results, the stock was down 5.5% and opened at $322.06.
• Insiders recently sold shares, including directors Kenneth Michael Hartwick and Donald C.I. Lucky, while analysts maintain a “Moderate Buy” consensus with an average price target of $389.83.

Arrowstreet Capital Limited Partnership increased its position in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 220.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 101,072 shares of the utilities provider's stock after acquiring an additional 69,532 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.65% of MYR Group worth $28,535,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of MYR Group by 3.3% in the fourth 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 during the last quarter. Wellington Management Group LLP boosted its holdings in MYR Group by 63.5% during the fourth quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider's stock worth $223,153,000 after buying an additional 396,502 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in MYR Group by 4.7% during the fourth quarter. Fisher Asset Management LLC now owns 471,706 shares of the utilities provider's stock worth $103,068,000 after buying an additional 21,304 shares in the last quarter. Geode Capital Management LLC grew its position in shares of MYR Group by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider's stock valued at $86,574,000 after acquiring an additional 13,511 shares during the period. Finally, Principal Financial Group Inc. boosted its position in MYR Group by 2.3% during the fourth quarter. Principal Financial Group Inc. now owns 389,009 shares of the utilities provider's stock worth $84,998,000 after purchasing an additional 8,695 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

MYR Group Stock Down 5.5%

NASDAQ MYRG opened at $322.06 on Thursday. MYR Group, Inc. has a 52 week low of $171.51 and a 52 week high of $503.57. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01. The business's fifty day simple moving average is $435.13 and its 200-day simple moving average is $348.61. The firm has a market cap of $5.01 billion, a PE ratio of 35.51 and a beta of 1.31.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.62 by $0.55. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $995.74 million. During the same quarter in the prior year, the firm posted $1.70 earnings per share. MYR Group's quarterly revenue was up 20.1% on a year-over-year basis. As a group, equities analysts anticipate that MYR Group, Inc. will post 11.43 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of the company's stock in a transaction on 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 transaction, the director owned 18,631 shares of the company's stock, valued at $8,393,265.50. This represents a 15.81% decrease in their position. 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 business'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 completion of the sale, the director owned 5,579 shares in the company, valued at approximately $2,507,927.87. This trade represents a 72.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on MYRG. Cantor Fitzgerald boosted their price objective on MYR Group from $311.00 to $564.00 and gave the company an "overweight" rating in a research report on Monday, May 11th. Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a report on Monday, May 4th. Zacks Research downgraded shares of MYR Group from a "strong-buy" rating to a "hold" rating in a report on Friday, July 10th. Jefferies Financial Group set a $392.00 target price on MYR Group in a research report on Friday, July 10th. Finally, Robert W. Baird set a $373.00 target price on MYR Group in a research report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $389.83.

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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