MYR Group, Inc. $MYRG Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its stake in MYR Group by 28.5% in the first quarter, selling 7,562 shares and leaving it with 18,982 shares valued at about $5.36 million.
• MYR Group reported stronger-than-expected Q1 results, with EPS of $2.99 versus estimates of $2.09 and revenue of $1.0 billion versus expectations of $932.45 million; revenue rose 20% year over year.
• Shares have surged near their 52-week high, with the stock opening at $501.13 and reaching a high of $502.08, while analysts currently rate it a “Moderate Buy” with an average price target of $358.17.

Assenagon Asset Management S.A. reduced its position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 28.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 18,982 shares of the utilities provider's stock after selling 7,562 shares during the period. Assenagon Asset Management S.A. owned approximately 0.12% of MYR Group worth $5,359,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Bank of Montreal Can raised its holdings in shares of MYR Group by 0.8% during the fourth quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider's stock valued at $1,319,000 after acquiring an additional 50 shares during the period. Captrust Financial Advisors raised its stake in shares of MYR Group by 0.7% during the 4th quarter. Captrust Financial Advisors now owns 8,556 shares of the utilities provider's stock worth $1,869,000 after purchasing an additional 61 shares in the last quarter. Cetera Investment Advisers lifted its stake in MYR Group by 2.2% in the fourth quarter. Cetera Investment Advisers now owns 2,837 shares of the utilities provider's stock valued at $620,000 after acquiring an additional 62 shares during the last quarter. Signaturefd LLC lifted its stake in shares of MYR Group by 65.7% in the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider's stock valued at $36,000 after purchasing an additional 65 shares during the last quarter. Finally, Great Lakes Advisors LLC lifted its position in shares of MYR Group by 0.6% in the fourth quarter. Great Lakes Advisors LLC now owns 11,581 shares of the utilities provider's stock worth $2,530,000 after buying an additional 66 shares during the last quarter. Institutional investors own 88.90% of the company's stock.

MYR Group Stock Up 4.8%

MYR Group stock opened at $501.13 on Tuesday. MYR Group, Inc. has a fifty-two week low of $171.51 and a fifty-two week high of $502.08. The firm has a market capitalization of $7.80 billion, a PE ratio of 55.25 and a beta of 1.32. The company's 50-day moving average is $432.29 and its 200-day moving average is $319.80. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.31 and a quick ratio of 1.31.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, beating the consensus estimate of $2.09 by $0.90. The firm had revenue of $1 billion for the quarter, compared to analysts' expectations of $932.45 million. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The business's revenue was up 20.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.45 EPS. Sell-side analysts anticipate that MYR Group, Inc. will post 11.43 earnings per share for the current year.

Insiders Place Their Bets

In related news, 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 completion of the sale, the director owned 5,579 shares of the company's stock, valued at $2,507,927.87. This represents a 72.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 sale, the director owned 18,631 shares of the company's stock, valued at $8,393,265.50. The trade was a 15.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on MYRG shares. Robert W. Baird set a $373.00 target price on shares of MYR Group in a research report on Thursday, April 30th. Weiss Ratings reiterated a "buy (b-)" rating on shares of MYR Group in a research note on Tuesday, April 21st. Stifel Nicolaus set a $503.00 price objective on MYR Group in a report on Monday, May 4th. Zacks Research upgraded shares of MYR Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, March 3rd. Finally, Oppenheimer reiterated a "market perform" rating on shares of MYR Group in a research report on Thursday, June 11th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, MYR Group currently has an average rating of "Moderate Buy" and a consensus price target of $358.17.

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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