5,488 Shares in MYR Group, Inc. $MYRG Acquired by Meeder Asset Management Inc.

Meeder Asset Management Inc. bought a new stake in MYR Group, Inc. (NASDAQ:MYRG) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 5,488 shares of the utilities provider’s stock, valued at approximately $2,746,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MYRG. BlackRock Inc. acquired a new position in MYR Group during the second quarter worth $1,232,294,000. Vanguard Group Inc. boosted its position in shares of MYR Group by 3.3% during the fourth quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider’s stock worth $276,501,000 after buying an additional 40,164 shares during the period. Wellington Management Group LLP grew its stake in shares of 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 valued at $223,153,000 after buying an additional 396,502 shares in the last quarter. Fisher Asset Management LLC grew its stake in shares of MYR Group by 4.7% in the fourth quarter. Fisher Asset Management LLC now owns 471,706 shares of the utilities provider’s stock valued at $103,068,000 after buying an additional 21,304 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of MYR Group by 3.5% in the 4th quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider’s stock valued at $86,574,000 after buying an additional 13,511 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Insider Activity

In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total value of $6,596,852.75. Following 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction dated Wednesday, June 3rd. The shares were 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 $8,393,265.50. The trade was a 15.81% decrease in their position. The SEC filing for this sale provides additional information. 1.90% of the stock is owned by corporate insiders.

MYR Group Stock Down 5.0%

MYR Group stock opened at $323.89 on Wednesday. MYR Group, Inc. has a twelve month low of $171.51 and a twelve month high of $503.57. The stock’s fifty day simple moving average is $402.18 and its 200-day simple moving average is $357.44. 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 capitalization of $5.04 billion, a P/E ratio of 30.73 and a beta of 1.34.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.62 by $0.55. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $995.74 million. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.MYR Group’s revenue was up 20.1% compared to the same quarter last year. During the same period last year, the business posted $1.70 earnings per share. As a group, equities analysts expect that MYR Group, Inc. will post 12.43 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a research note on Friday, July 17th. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday. The Goldman Sachs Group cut their price target on shares of MYR Group from $469.00 to $422.00 and set a “neutral” rating on the stock in a research note on Thursday, August 13th. Oppenheimer reissued a “market perform” rating on shares of MYR Group in a research report on Thursday, June 11th. Finally, Cantor Fitzgerald raised their price objective 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. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued 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 target price 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.