Peregrine Capital Management LLC Trims Position in MYR Group, Inc. $MYRG

Peregrine Capital Management LLC trimmed its position in MYR Group, Inc. (NASDAQ:MYRG) by 14.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 59,395 shares of the utilities provider’s stock after selling 10,274 shares during the quarter. Peregrine Capital Management LLC owned approximately 0.38% of MYR Group worth $12,356,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Fisher Asset Management LLC increased its holdings in MYR Group by 12.7% during the 2nd quarter. Fisher Asset Management LLC now owns 446,199 shares of the utilities provider’s stock worth $80,963,000 after acquiring an additional 50,148 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of MYR Group by 97.4% in the second quarter. Bank of New York Mellon Corp now owns 350,478 shares of the utilities provider’s stock worth $63,594,000 after purchasing an additional 172,962 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of MYR Group by 214.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 302,549 shares of the utilities provider’s stock worth $34,215,000 after buying an additional 206,369 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of MYR Group by 0.7% in the first quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock worth $22,998,000 after buying an additional 1,437 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in MYR Group by 13.3% during the second quarter. Bank of America Corp DE now owns 180,522 shares of the utilities provider’s stock valued at $32,756,000 after buying an additional 21,236 shares during the period. 88.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Zacks Research lowered shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 30th. Weiss Ratings reissued a “hold (c+)” rating on shares of MYR Group in a research note on Monday, December 29th. The Goldman Sachs Group raised their price objective on shares of MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a research report on Friday, November 14th. Finally, Clear Str raised shares of MYR Group to a “strong-buy” rating in a report on Monday, December 15th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, MYR Group has a consensus rating of “Hold” and a consensus price target of $201.67.

Insider Activity

In other news, COO Don A. Egan sold 2,900 shares of MYR Group stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total value of $676,860.00. Following the transaction, the chief operating officer owned 5,797 shares in the company, valued at approximately $1,353,019.80. The trade was a 33.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.80% of the company’s stock.

MYR Group Trading Down 6.0%

MYRG stock opened at $221.80 on Friday. The company has a market capitalization of $3.44 billion, a PE ratio of 35.83 and a beta of 1.18. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.33 and a current ratio of 1.33. MYR Group, Inc. has a one year low of $97.72 and a one year high of $241.13. The company’s 50 day moving average price is $223.87 and its two-hundred day moving average price is $202.44.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, October 29th. The utilities provider reported $2.05 EPS for the quarter, beating the consensus estimate of $1.82 by $0.23. The company had revenue of $950.40 million for the quarter, compared to analyst estimates of $931.72 million. MYR Group had a net margin of 2.78% and a return on equity of 16.65%. The firm’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.65 EPS. As a group, analysts predict that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

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.