MYR Group, Inc. $MYRG Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP cut its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 50.6% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 318,333 shares of the utilities provider’s stock after selling 325,995 shares during the period. Wellington Management Group LLP owned about 2.04% of MYR Group worth $159,294,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its position in shares of MYR Group by 20.8% in the first quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock valued at $1,447,000 after acquiring an additional 2,205 shares in the last quarter. AQR Capital Management LLC increased its position in shares of MYR Group by 124.5% during the first quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider’s stock worth $1,232,000 after purchasing an additional 6,044 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of MYR Group by 0.7% during the first quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock worth $22,998,000 after purchasing an additional 1,437 shares in the last quarter. Cetera Investment Advisers acquired a new position in MYR Group in the 2nd quarter valued at $221,000. Finally, Invesco Ltd. raised its stake in MYR Group by 26.9% in the 2nd quarter. Invesco Ltd. now owns 153,512 shares of the utilities provider’s stock valued at $27,855,000 after purchasing an additional 32,544 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of the company’s stock in a transaction that occurred on 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 transaction, the director directly owned 18,631 shares in the company, valued at approximately $8,393,265.50. This represents a 15.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Donald C.I. Lucky sold 14,675 shares of the firm’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 sale, the director directly owned 5,579 shares of the company’s stock, valued at approximately $2,507,927.87. This trade represents a 72.45% decrease in their position. The SEC filing for this sale provides additional information. 1.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

MYRG has been the topic of several recent research reports. Robert W. Baird set a $375.00 target price on shares of MYR Group in a research note on Thursday, July 30th. Cantor Fitzgerald increased their target price on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. The Goldman Sachs Group decreased 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. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a research note on Friday, July 17th. Finally, Wall Street Zen downgraded shares of MYR Group from a “strong-buy” rating to a “buy” rating in a report on Saturday. 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 currently has a consensus rating of “Moderate Buy” and a consensus target price of $451.20.

MYR Group Trading Down 1.0%

Shares of MYRG stock opened at $291.42 on Tuesday. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01. MYR Group, Inc. has a twelve month low of $171.51 and a twelve month high of $503.57. The company’s 50-day moving average price is $376.97 and its 200-day moving average price is $360.46. The stock has a market cap of $4.54 billion, a price-to-earnings ratio of 27.65 and a beta of 1.34.

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

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.