MYR Group, Inc. $MYRG Shares Sold by Thornburg Investment Management Inc.

Thornburg Investment Management Inc. cut its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 35.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 53,070 shares of the utilities provider’s stock after selling 29,626 shares during the quarter. Thornburg Investment Management Inc. owned about 0.34% of MYR Group worth $11,596,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its stake in MYR Group by 212.2% during the fourth 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 last quarter. Acumen Wealth Advisors LLC acquired a new stake in MYR Group during the fourth quarter worth about $35,000. Signaturefd LLC increased its stake 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 acquiring an additional 65 shares during the last quarter. Hantz Financial Services Inc. increased its stake in MYR Group by 271.2% during the fourth quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock worth $48,000 after acquiring an additional 160 shares during the last quarter. Finally, Kestra Advisory Services LLC acquired a new stake in MYR Group during the fourth quarter worth about $66,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

MYR Group Stock Performance

Shares of MYRG opened at $445.72 on Monday. The company has a market capitalization of $6.94 billion, a P/E ratio of 49.14 and a beta of 1.32. MYR Group, Inc. has a one year low of $159.61 and a one year high of $484.71. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31. The stock has a 50-day moving average price of $396.45 and a 200 day moving average price of $300.90.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, beating analysts’ consensus estimates of $2.09 by $0.90. The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $932.45 million. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.MYR Group’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.45 earnings per share. Sell-side analysts forecast that MYR Group, Inc. will post 10.92 EPS for the current fiscal year.

Insider Transactions at MYR Group

In related news, 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 completion of the transaction, the director owned 18,631 shares of the company’s stock, valued at approximately $8,393,265.50. This represents a 15.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Donald C.I. Lucky sold 14,675 shares of the 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 completion of the transaction, the director directly owned 5,579 shares of the company’s stock, valued at $2,507,927.87. This 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.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on MYRG shares. Cantor Fitzgerald upped their price target on MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. The Goldman Sachs Group upped their target price on MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 3rd. Stifel Nicolaus set a $503.00 target price on MYR Group in a research report on Monday, May 4th. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of MYR Group in a research report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $358.17.

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.