MYR Group, Inc. $MYRG Shares Sold by Sheets Smith Wealth Management

Sheets Smith Wealth Management lowered its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 25.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 5,320 shares of the utilities provider’s stock after selling 1,840 shares during the period. Sheets Smith Wealth Management’s holdings in MYR Group were worth $2,662,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. Kilter Group LLC bought a new stake in MYR Group in the 2nd quarter valued at about $25,000. Carolina Wealth Advisors LLC acquired a new position in MYR Group during the 2nd quarter valued at about $30,000. Global Retirement Partners LLC bought a new position in MYR Group in the 2nd quarter worth about $30,000. Farther Finance Advisors LLC increased its stake in shares of MYR Group by 212.2% in the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 104 shares during the period. Finally, Parallel Advisors LLC increased its stake in shares of MYR Group by 207.9% in the first quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 79 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

Insider Activity at MYR Group

In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of the company’s stock in a transaction on 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 transaction, the director owned 5,579 shares of the company’s stock, valued at approximately $2,507,927.87. This represents a 72.45% 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. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the stock in a transaction on 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 sale, the director owned 18,631 shares of the company’s stock, valued at $8,393,265.50. This trade represents a 15.81% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is owned by corporate insiders.

Analyst Ratings Changes

MYRG has been the topic of a number of recent analyst reports. Stifel Nicolaus set a $503.00 price target on MYR Group in a report on Monday, May 4th. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. Cantor Fitzgerald raised their target price on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Wall Street Zen downgraded MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Finally, Robert W. Baird set a $375.00 price target on MYR Group in a research report on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $451.20.

MYR Group Stock Performance

MYRG opened at $294.42 on Friday. MYR Group, Inc. has a 1-year low of $171.51 and a 1-year high of $503.57. The company has a market capitalization of $4.58 billion, a price-to-earnings ratio of 27.93 and a beta of 1.34. The business has a 50 day moving average price of $380.81 and a two-hundred day moving average price of $359.67. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, beating 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 business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $995.74 million. During the same quarter last year, the business posted $1.70 earnings per share. The company’s quarterly revenue was up 20.1% on a year-over-year basis. Research analysts predict that MYR Group, Inc. will post 12.43 EPS 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.