MYR Group, Inc. $MYRG Shares Sold by Peregrine Capital Management LLC

Key Points

• Peregrine Capital Management trimmed its stake in MYR Group by 8.9% in Q4, selling 5,280 shares and ending the period with 54,115 shares worth about $11.824 million.
• Several large institutions boosted their positions—Wellington Management up 69.2% to 624,791 shares, Vanguard increased to 1,225,288 shares, and MFS opened a new ~$47 million stake—leaving institutional ownership at 88.90%.
• Analysts are largely positive with multiple price-target increases (Goldman to $296, Cantor to $311, Stifel $351) and a MarketBeat consensus of "Moderate Buy" (target $242); MYR also beat Q4 earnings and revenue and shares recently traded near a one‑year high at $339.08.

Peregrine Capital Management LLC trimmed its holdings in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 8.9% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 54,115 shares of the utilities provider's stock after selling 5,280 shares during the period. Peregrine Capital Management LLC owned approximately 0.35% of MYR Group worth $11,824,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Wellington Management Group LLP increased its position 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 worth $129,975,000 after purchasing an additional 255,493 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in shares of MYR Group during the fourth quarter valued at about $47,012,000. Vanguard Group Inc. raised its stake in shares of MYR Group by 14.7% in 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 period. Invesco Ltd. lifted its holdings 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 acquiring an additional 91,923 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its position in shares of MYR Group by 274.9% during 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. Institutional investors and hedge funds own 88.90% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. The Goldman Sachs Group boosted their target price on MYR Group from $248.00 to $296.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 3rd. Weiss Ratings reiterated a "buy (b-)" rating on shares of MYR Group in a research note on Tuesday. Zacks Research raised MYR Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, March 3rd. Cantor Fitzgerald upped their target price on shares of MYR Group from $285.00 to $311.00 and gave the stock an "overweight" rating in a research note on Monday, March 2nd. Finally, Stifel Nicolaus set a $351.00 price target on shares of MYR Group in a research note on Thursday, April 16th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, MYR Group currently has an average rating of "Moderate Buy" and a consensus target price of $242.00.

MYR Group Stock Up 1.8%

Shares of NASDAQ:MYRG traded up $6.04 on Thursday, hitting $339.08. 17,616 shares of the company's stock were exchanged, compared to its average volume of 253,266. MYR Group, Inc. has a 1-year low of $116.91 and a 1-year high of $342.50. The company has a market capitalization of $5.27 billion, a PE ratio of 45.03 and a beta of 1.07. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.33 and a current ratio of 1.33. The firm's 50-day moving average is $283.70 and its 200 day moving average is $247.25.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its earnings results on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.60. The firm had revenue of $973.54 million during the quarter, compared to analysts' expectations of $897.73 million. MYR Group had a return on equity of 19.66% and a net margin of 3.24%.The firm's revenue was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.99 earnings per share. Sell-side analysts predict that MYR Group, Inc. will post 9.23 EPS for the current 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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