Trillium Asset Management LLC Invests $20.95 Million in MYR Group, Inc. $MYRG

Key Points

• Trillium Asset Management acquired 41,875 MYR Group shares valued at approximately $20.95 million, representing about 0.27% of the company. Institutional investors collectively own 88.90% of MYRG.
• MYR Group reported quarterly EPS of $3.17, exceeding estimates of $2.62, while revenue rose 20.1% year over year to $1.08 billion. Analysts project full-year EPS of $12.43.
• MYRG shares opened at $318, down 2.5%, while analysts maintain a “Moderate Buy” consensus with an average price target of $451.20; two directors also recently sold shares.

Trillium Asset Management LLC acquired a new position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 41,875 shares of the utilities provider's stock, valued at approximately $20,955,000. Trillium Asset Management LLC owned about 0.27% of MYR Group as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in MYRG. BlackRock Inc. bought a new stake in shares of MYR Group in the second quarter valued at approximately $1,232,294,000. Vanguard Group Inc. increased its position in MYR Group by 3.3% during the fourth quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider's stock worth $276,501,000 after acquiring an additional 40,164 shares during the period. Wellington Management Group LLP raised its stake in MYR Group by 63.5% during the 4th quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider's stock valued at $223,153,000 after purchasing an additional 396,502 shares during the last quarter. Fisher Asset Management LLC boosted its holdings 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 valued at $103,068,000 after purchasing an additional 21,304 shares during the period. Finally, Geode Capital Management LLC boosted its holdings 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 valued at $86,574,000 after purchasing an additional 13,511 shares during the period. Institutional investors own 88.90% of the company's stock.

MYR Group Stock Down 2.5%

Shares of MYRG stock opened at $318.00 on Friday. MYR Group, Inc. has a one year low of $171.51 and a one year high of $503.57. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40. The stock has a fifty day moving average price of $398.41 and a 200 day moving average price of $358.42. The stock has a market cap of $4.95 billion, a P/E ratio of 30.17 and a beta of 1.34.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.62 by $0.55. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $995.74 million. During the same quarter in the previous year, the firm posted $1.70 EPS. The business's revenue for the quarter was up 20.1% on a year-over-year basis. Analysts predict that MYR Group, Inc. will post 12.43 earnings per share for the current year.

Analysts Set New Price Targets

MYRG has been the topic of several research reports. Weiss Ratings restated a "buy (b-)" rating on shares of MYR Group in a report on Friday, July 17th. Jefferies Financial Group set a $392.00 price objective on shares of MYR Group in a research report on Friday, July 10th. Stifel Nicolaus set a $503.00 target price on MYR Group in a research report on Monday, May 4th. Cantor Fitzgerald lifted their target price on MYR Group from $311.00 to $564.00 and gave the stock an "overweight" rating in a research report on Monday, May 11th. Finally, Oppenheimer restated a "market perform" rating on shares of MYR Group in a research note on Thursday, June 11th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $451.20.

Insider Transactions 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 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 transaction, the director owned 5,579 shares in the company, valued at $2,507,927.87. This trade represents a 72.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction that occurred on 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 sale, the director directly 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. The SEC filing for this sale provides additional information. Insiders own 1.90% of the company's stock.

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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