Peregrine Capital Management LLC Sells 5,830 Shares of MYR Group, Inc. $MYRG

Key Points

• Peregrine Capital Management cut its stake in MYR Group by 10.8% in the first quarter, selling 5,830 shares and leaving it with 48,285 shares valued at about $13.6 million.
• MYR Group reported strong quarterly results, with earnings of $2.99 per share and revenue of $1 billion, both beating analyst estimates. Revenue rose 20% year over year.
• Analyst sentiment remains positive, with several firms raising price targets, including Cantor Fitzgerald lifting its target to $564. The stock currently carries a consensus rating of Moderate Buy.

Peregrine Capital Management LLC lessened its position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 10.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 48,285 shares of the utilities provider's stock after selling 5,830 shares during the quarter. Peregrine Capital Management LLC owned 0.31% of MYR Group worth $13,632,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of MYRG. Farther Finance Advisors LLC grew its stake in shares of MYR Group by 212.2% during the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider's stock valued at $33,000 after purchasing an additional 104 shares during the period. Acumen Wealth Advisors LLC purchased a new stake in shares of MYR Group during the 4th quarter valued at about $35,000. 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 worth $36,000 after purchasing an additional 65 shares during the period. Hantz Financial Services Inc. grew its position in MYR Group by 271.2% during the fourth quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider's stock valued at $48,000 after buying an additional 160 shares during the period. Finally, Kestra Advisory Services LLC purchased a new stake in MYR Group during the fourth quarter valued at approximately $66,000. Institutional investors own 88.90% of the company's stock.

MYR Group Price Performance

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. MYR Group, Inc. has a 12 month low of $171.51 and a 12 month high of $503.57. The stock has a market cap of $7.79 billion, a price-to-earnings ratio of 55.17 and a beta of 1.32. The company's 50 day moving average is $435.71 and its two-hundred day moving average is $321.73.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, topping analysts' consensus estimates of $2.09 by $0.90. The business had revenue of $1 billion during the quarter, compared to analyst estimates of $932.45 million. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The company's revenue was up 20.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.45 earnings per share. As a group, research 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 Donald C.I. Lucky sold 14,675 shares of the business's stock in a transaction dated 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 transaction, the director directly owned 5,579 shares in the company, valued at $2,507,927.87. The trade was a 72.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the business's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total value of $1,576,750.00. Following the completion of the transaction, the director owned 18,631 shares in the company, valued at $8,393,265.50. The trade was a 15.81% 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 currently owned by insiders.

Analysts Set New Price Targets

MYRG has been the topic of several recent research reports. Zacks Research upgraded shares of MYR Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, March 3rd. Cantor Fitzgerald boosted their price objective on shares of MYR Group from $311.00 to $564.00 and gave the company an "overweight" rating in a research report on Monday, May 11th. Weiss Ratings restated a "buy (b-)" rating on shares of MYR Group in a research note on Tuesday, April 21st. The Goldman Sachs Group raised their target price on MYR Group from $248.00 to $296.00 and gave the stock a "neutral" rating in a report on Tuesday, March 3rd. Finally, Stifel Nicolaus set a $503.00 target price on MYR Group in a research report on Monday, May 4th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $358.17.

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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