MYR Group, Inc. $MYRG Stake Trimmed by Next Century Growth Investors LLC

Key Points

• Next Century Growth Investors cut its MYR Group stake by 19.7% in the fourth quarter, selling 32,521 shares and leaving it with 132,496 shares valued at about $28.95 million.
• Several other institutional investors were active as well, with firms like Vanguard, Wellington Management, Fisher, Geode, and Principal Financial increasing their holdings; overall, hedge funds and institutions own 88.9% of the stock.
• Insider selling was notable on June 3, when directors Donald C.I. Lucky and Kenneth Michael Hartwick sold shares totaling more than $8 million combined, even as analysts maintain a Moderate Buy consensus and a $358.17 price target.

Next Century Growth Investors LLC reduced its position in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 19.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 132,496 shares of the utilities provider's stock after selling 32,521 shares during the quarter. MYR Group accounts for approximately 2.0% of Next Century Growth Investors LLC's holdings, making the stock its 10th biggest holding. Next Century Growth Investors LLC owned approximately 0.85% of MYR Group worth $28,950,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in MYR Group by 3.3% in the 4th quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider's stock worth $276,501,000 after purchasing an additional 40,164 shares during the period. Wellington Management Group LLP raised its position in MYR Group by 69.2% in 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 period. Fisher Asset Management LLC raised its position in MYR Group by 4.7% in the 4th quarter. Fisher Asset Management LLC now owns 471,706 shares of the utilities provider's stock worth $103,068,000 after purchasing an additional 21,304 shares during the period. Geode Capital Management LLC raised its position in MYR Group by 3.5% in the 4th quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider's stock worth $86,574,000 after purchasing an additional 13,511 shares during the period. Finally, Principal Financial Group Inc. raised its position in MYR Group by 2.3% in the 4th 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 during the period. 88.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on MYRG. Cantor Fitzgerald upped their target price on shares of MYR Group from $311.00 to $564.00 and gave the stock an "overweight" rating in a research note on Monday, May 11th. Oppenheimer restated a "market perform" rating on shares of MYR Group in a research note on Thursday. Robert W. Baird set a $373.00 target price on shares of MYR Group in a research note on Thursday, April 30th. Weiss Ratings reiterated 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 research note on Tuesday, March 3rd. Two equities 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 company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $358.17.

Insider Activity at MYR Group

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

MYR Group Price Performance

Shares of MYRG opened at $445.72 on Friday. The company has a market cap of $6.94 billion, a price-to-earnings ratio of 49.14 and a beta of 1.32. MYR Group, Inc. has a twelve month low of $159.61 and a twelve month high of $484.71. 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 company has a 50 day moving average of $396.45 and a two-hundred day moving average of $300.28.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its 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 company had revenue of $1 billion during the quarter, compared to the consensus estimate of $932.45 million. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. MYR Group's revenue was up 20.0% compared to the same quarter last year. During the same period last year, the firm earned $1.45 earnings per share. As a group, analysts predict that MYR Group, Inc. will post 10.92 earnings per share 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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