Legal & General Group Plc Sells 2,162 Shares of MYR Group, Inc. $MYRG

Legal & General Group Plc lowered its stake in MYR Group, Inc. (NASDAQ:MYRG) by 5.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 39,843 shares of the utilities provider’s stock after selling 2,162 shares during the quarter. Legal & General Group Plc owned about 0.26% of MYR Group worth $8,706,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in MYRG. Smartleaf Asset Management LLC increased 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 purchasing an additional 47 shares during the last quarter. Signaturefd LLC boosted its holdings in MYR Group by 65.7% during the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock worth $36,000 after buying an additional 65 shares during the last quarter. ProShare Advisors LLC grew its position in shares of MYR Group by 3.2% during the 4th quarter. ProShare Advisors LLC now owns 3,000 shares of the utilities provider’s stock worth $656,000 after buying an additional 92 shares during the period. Oregon Public Employees Retirement Fund grew its position in shares of MYR Group by 2.7% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,559 shares of the utilities provider’s stock worth $778,000 after buying an additional 95 shares during the period. Finally, Farther Finance Advisors LLC increased its stake in shares of MYR Group by 212.2% in the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 104 shares during the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Trading Up 2.3%

NASDAQ:MYRG opened at $451.40 on Friday. 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 business’s 50-day simple moving average is $378.10 and its 200-day simple moving average is $291.70. MYR Group, Inc. has a fifty-two week low of $158.48 and a fifty-two week high of $484.71. The stock has a market capitalization of $7.03 billion, a PE ratio of 49.77 and a beta of 1.32.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, topping the consensus estimate of $2.09 by $0.90. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $932.45 million. During the same period last year, the company posted $1.45 EPS. The business’s quarterly revenue was up 20.0% on a year-over-year basis. Sell-side analysts expect that MYR Group, Inc. will post 10.59 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MYRG has been the topic of a number of analyst reports. Cantor Fitzgerald increased their price target 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. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Robert W. Baird set a $373.00 target price on shares of MYR Group in a report on Thursday, April 30th. Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a research report on Tuesday, April 21st. Finally, The Goldman Sachs Group boosted their price target 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. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $358.17.

Insiders Place Their Bets

In related news, Director Donald C.I. Lucky sold 14,675 shares of the company’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 directly owned 5,579 shares of the company’s stock, valued at approximately $2,507,927.87. This represents a 72.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the 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 transaction, the director 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. The disclosure for this sale is available in the SEC filing. Company 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.