Corient Private Wealth LP Purchases New Shares in MYR Group, Inc. $MYRG

Corient Private Wealth LP acquired a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 9,069 shares of the utilities provider’s stock, valued at approximately $4,538,000. Corient Private Wealth LP owned 0.06% of MYR Group at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in MYRG. BlackRock Inc. purchased a new position in shares of MYR Group during the second quarter valued at about $1,232,294,000. Wellington Management Group LLP lifted its holdings in MYR Group by 63.5% in the fourth quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock worth $223,153,000 after buying an additional 396,502 shares during the period. Bank of America Corp DE purchased a new stake in MYR Group in the second quarter worth about $61,365,000. Bank of New York Mellon Corp bought a new stake in MYR Group during the 2nd quarter valued at approximately $53,361,000. Finally, Neumeier Poma Investment Counsel LLC bought a new stake in MYR Group during the 2nd quarter valued at approximately $50,008,475. 88.90% of the stock is currently owned by institutional investors.

MYR Group Price Performance

MYRG stock opened at $291.42 on Tuesday. The firm has a 50 day moving average price of $376.97 and a 200-day moving average price of $360.46. MYR Group, Inc. has a 52-week low of $171.51 and a 52-week high of $503.57. The firm has a market capitalization of $4.54 billion, a price-to-earnings ratio of 27.65 and a beta of 1.34. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.40 and a current ratio of 1.40.

MYR Group (NASDAQ:MYRG) last posted its quarterly 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 return on equity of 24.17% and a net margin of 4.13%.The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $995.74 million. During the same quarter in the prior year, the business posted $1.70 EPS. The firm’s quarterly revenue was up 20.1% compared to the same quarter last year. Equities research analysts forecast that MYR Group, Inc. will post 12.43 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on MYRG. Wall Street Zen lowered MYR Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday. The Goldman Sachs Group dropped their price target on MYR Group from $469.00 to $422.00 and set a “neutral” rating on the stock in a research report on Thursday, August 13th. Oppenheimer reaffirmed a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a report on Friday, July 17th. Finally, Stifel Nicolaus set a $503.00 price objective on MYR Group in a research report on Monday, May 4th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, MYR Group has an average rating of “Moderate Buy” and an average price target of $451.20.

Insiders Place Their Bets

In related news, Director Donald C.I. Lucky sold 14,675 shares of the company’s stock in a transaction dated 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 transaction, the director owned 5,579 shares in the company, valued at $2,507,927.87. The trade was a 72.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the stock in a transaction dated 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 sale, the director directly owned 18,631 shares in the company, valued at $8,393,265.50. This trade represents a 15.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate 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.