Trillium Asset Management LLC Decreases Holdings in MYR Group, Inc. $MYRG

Key Points

• Trillium Asset Management reduced its stake in MYR Group by 41.9% in the fourth quarter, selling 37,789 shares and ending with 52,408 shares worth about $11.7 million.
• Several MYR Group insiders sold shares on June 3, including Director Donald C.I. Lucky and Director Kenneth Michael Hartwick, while insiders now own about 1.90% of the company.
• MYR Group reported better-than-expected quarterly results, with EPS of $2.99 and revenue of $1 billion, both topping analyst estimates; the stock has also traded near its 52-week high and analysts currently rate it Moderate Buy.

Trillium Asset Management LLC cut its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 41.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 52,408 shares of the utilities provider's stock after selling 37,789 shares during the quarter. Trillium Asset Management LLC owned 0.34% of MYR Group worth $11,727,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Smartleaf Asset Management LLC boosted its holdings in MYR Group by 12.7% in the third quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider's stock valued at $86,000 after acquiring an additional 47 shares in the last quarter. Bank of Montreal Can boosted its holdings in MYR Group by 0.8% in 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 in the last quarter. Signaturefd LLC boosted its holdings in MYR Group by 65.7% in the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider's stock valued at $36,000 after acquiring an additional 65 shares in the last quarter. Great Lakes Advisors LLC boosted its holdings in MYR Group by 0.6% in the fourth quarter. Great Lakes Advisors LLC now owns 11,581 shares of the utilities provider's stock valued at $2,530,000 after acquiring an additional 66 shares in the last quarter. Finally, ProShare Advisors LLC boosted its holdings in MYR Group by 3.2% in the fourth quarter. ProShare Advisors LLC now owns 3,000 shares of the utilities provider's stock valued at $656,000 after acquiring an additional 92 shares in the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at MYR Group

In other MYR Group 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 completion of the transaction, the director owned 5,579 shares of the company's stock, valued at approximately $2,507,927.87. The trade was a 72.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the business's stock in a transaction dated 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 completion of the transaction, the director directly owned 18,631 shares of the company's stock, valued at approximately $8,393,265.50. This trade 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 currently owned by insiders.

MYR Group Price Performance

MYRG opened at $445.72 on Friday. The stock has a 50-day moving average price of $396.45 and a 200-day moving average price of $300.28. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.31 and a quick ratio of 1.31. The firm has a market cap of $6.94 billion, a PE ratio of 49.14 and a beta of 1.32. MYR Group, Inc. has a 1 year low of $159.61 and a 1 year high of $484.71.

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 (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.90. The firm had revenue of $1 billion during the quarter, compared to analyst estimates of $932.45 million. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.MYR Group's quarterly revenue was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.45 EPS. Sell-side analysts predict that MYR Group, Inc. will post 10.59 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on MYRG shares. The Goldman Sachs Group boosted their target price on shares of MYR Group from $248.00 to $296.00 and gave the company a "neutral" rating in a report on Tuesday, March 3rd. Cantor Fitzgerald boosted their target price on shares of MYR Group from $311.00 to $564.00 and gave the company an "overweight" rating in a report on Monday, May 11th. Robert W. Baird set a $373.00 target price on shares of MYR Group in a report on Thursday, April 30th. Stifel Nicolaus set a $503.00 target price on shares of MYR Group in a report on Monday, May 4th. Finally, Oppenheimer restated a "market perform" rating on shares of MYR Group in a report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price 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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