MYR Group (NASDAQ:MYRG) Director Sells $6,596,852.75 in Stock

MYR Group, Inc. (NASDAQ:MYRG) 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 transaction of $6,596,852.75. Following the sale, the director directly owned 5,579 shares in the company, valued at approximately $2,507,927.87. This represents a 72.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

MYR Group Stock Up 2.3%

Shares of MYRG stock traded up $10.05 on Thursday, hitting $451.40. The stock had a trading volume of 261,604 shares, compared to its average volume of 269,788. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31. MYR Group, Inc. has a 52-week low of $158.48 and a 52-week high of $484.71. The stock’s 50 day moving average is $374.75 and its 200-day moving average is $290.14. The firm has a market capitalization of $7.03 billion, a price-to-earnings ratio of 49.77 and a beta of 1.32.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, beating analysts’ consensus estimates of $2.09 by $0.90. The business had revenue of $1 billion for 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 business’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter last year, the business earned $1.45 earnings per share. As a group, research analysts expect that MYR Group, Inc. will post 10.59 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Cantor Fitzgerald increased their target price on MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Robert W. Baird set a $373.00 target price on MYR Group in a research note on Thursday, April 30th. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. 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 report on Tuesday, March 3rd. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a report on Tuesday, April 21st. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, MYR Group currently has a consensus rating of “Moderate Buy” and an average price target of $358.17.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP boosted its stake in MYR Group by 63.5% in the 4th quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock worth $223,153,000 after purchasing an additional 396,502 shares during the period. Massachusetts Financial Services Co. MA acquired a new position in shares of MYR Group in the fourth quarter valued at approximately $47,012,000. Vanguard Group Inc. increased its position in MYR Group by 14.7% during the 3rd quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock valued at $254,897,000 after purchasing an additional 157,157 shares during the period. Invesco Ltd. increased its stake in shares of MYR Group by 59.9% during the 3rd quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock worth $51,058,000 after purchasing an additional 91,923 shares during the last quarter. Finally, Squarepoint Ops LLC grew its holdings in MYR Group by 274.9% during the 3rd quarter. Squarepoint Ops LLC now owns 121,434 shares of the utilities provider’s stock valued at $25,262,000 after buying an additional 89,044 shares in the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

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.