MYR Group, Inc. $MYRG Shares Sold by NewEdge Advisors LLC

NewEdge Advisors LLC decreased its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 98.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 92 shares of the utilities provider’s stock after selling 5,100 shares during the quarter. NewEdge Advisors LLC’s holdings in MYR Group were worth $26,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MYRG. Parallel Advisors LLC grew its holdings in MYR Group by 207.9% in the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock valued at $33,000 after buying an additional 79 shares in the last quarter. Farther Finance Advisors LLC raised its holdings 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 worth $33,000 after acquiring an additional 104 shares during the period. Acumen Wealth Advisors LLC acquired a new position in shares of MYR Group during the 4th quarter valued at about $35,000. Hantz Financial Services Inc. boosted its position in shares of MYR Group by 271.2% during the 4th quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock valued at $48,000 after acquiring an additional 160 shares during the last quarter. Finally, Kestra Advisory Services LLC purchased a new stake in shares of MYR Group in the fourth quarter valued at about $66,000. Institutional investors and hedge funds own 88.90% of the company’s stock.

Insider Activity at MYR Group

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Donald C.I. Lucky sold 14,675 shares of MYR Group stock in a transaction that occurred on 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 sale, the director owned 5,579 shares of the company’s stock, valued at $2,507,927.87. This trade represents a 72.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.90% of the company’s stock.

MYR Group Stock Down 1.1%

Shares of MYRG opened at $309.39 on Friday. The company’s 50-day moving average price is $384.14 and its 200 day moving average price is $360.13. MYR Group, Inc. has a 12-month low of $171.51 and a 12-month high of $503.57. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01. The firm has a market cap of $4.82 billion, a P/E ratio of 29.35 and a beta of 1.34.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, topping 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 company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $995.74 million. During the same quarter last year, the firm posted $1.70 earnings per share. MYR Group’s revenue was up 20.1% compared to the same quarter last year. On average, sell-side analysts forecast that MYR Group, Inc. will post 12.43 earnings per share for the current year.

Wall Street Analysts Forecast Growth

MYRG has been the subject of several recent analyst reports. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. 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 note on Monday, May 11th. Jefferies Financial Group set a $392.00 price target on shares of MYR Group in a report on Friday, July 10th. Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research report on Monday, May 4th. Finally, Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 16th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, MYR Group has a consensus rating of “Moderate Buy” and an average price target of $451.20.

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.