Meeder Asset Management Inc. Sells 5,846 Shares of MYR Group, Inc. $MYRG

Meeder Asset Management Inc. lowered its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG) by 93.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 382 shares of the utilities provider’s stock after selling 5,846 shares during the period. Meeder Asset Management Inc.’s holdings in MYR Group were worth $79,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Maseco LLP purchased a new position in shares of MYR Group during the second quarter valued at approximately $28,000. MAI Capital Management increased its position in MYR Group by 44.8% during the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after buying an additional 56 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in MYR Group during the second quarter valued at $34,000. Elevation Point Wealth Partners LLC bought a new stake in MYR Group in the second quarter worth $34,000. Finally, Salomon & Ludwin LLC bought a new stake in MYR Group in the third quarter worth $34,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Insider Transactions at MYR Group

In other MYR Group news, COO Don A. Egan sold 2,900 shares of the business’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total transaction of $676,860.00. Following the completion of the sale, the chief operating officer directly owned 5,797 shares in the company, valued at $1,353,019.80. The trade was a 33.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.80% of the company’s stock.

MYR Group Trading Up 1.6%

NASDAQ:MYRG opened at $225.99 on Tuesday. The company has a market cap of $3.51 billion, a PE ratio of 36.51 and a beta of 1.18. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.11. The company has a 50 day simple moving average of $223.94 and a two-hundred day simple moving average of $203.45. MYR Group, Inc. has a 12 month low of $97.72 and a 12 month high of $241.13.

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Stifel Nicolaus raised their price target on MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a report on Thursday, October 9th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MYR Group in a report on Monday, December 29th. Clear Str upgraded shares of MYR Group to a “strong-buy” rating in a report on Monday, December 15th. KeyCorp restated a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. Finally, Zacks Research downgraded MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 30th. One investment 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 company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $201.67.

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.