MYR Group (NASDAQ:MYRG) Director Sells $1,576,750.00 in Stock

MYR Group, Inc. (NASDAQ:MYRG) Director Kenneth Michael Hartwick sold 3,500 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the transaction, the director owned 18,631 shares in the company, valued at $8,393,265.50. This represents a 15.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

MYR Group Price Performance

NASDAQ MYRG opened at $445.66 on Friday. MYR Group, Inc. has a 12 month low of $158.48 and a 12 month high of $484.71. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.31 and a quick ratio of 1.31. The firm has a market capitalization of $6.94 billion, a PE ratio of 49.14 and a beta of 1.32. The company’s 50 day simple moving average is $381.31 and its 200 day simple moving average is $292.78.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, beating the consensus estimate of $2.09 by $0.90. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The business had revenue of $1 billion during the quarter, compared to analyst estimates of $932.45 million. During the same period in the prior year, the business earned $1.45 earnings per share. The business’s quarterly revenue was up 20.0% on a year-over-year basis. As a group, equities research analysts forecast that MYR Group, Inc. will post 10.59 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on MYRG. The Goldman Sachs Group increased their target price on shares of MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research note on Tuesday, March 3rd. Robert W. Baird set a $373.00 target price on shares of MYR Group in a research note on Thursday, April 30th. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a research note on Tuesday, April 21st. Finally, 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 note on Monday, May 11th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $358.17.

Institutional Investors Weigh In On MYR Group

Several hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC lifted its position in shares of MYR Group by 207.9% in the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 79 shares in the last quarter. Glenmede Trust Co. NA lifted its position in shares of MYR Group by 2.2% in the 1st quarter. Glenmede Trust Co. NA now owns 4,597 shares of the utilities provider’s stock valued at $1,298,000 after acquiring an additional 100 shares in the last quarter. Axiom Investment Management LLC purchased a new stake in shares of MYR Group in the 1st quarter valued at approximately $1,412,000. Bank of America Corp DE lifted its position in shares of MYR Group by 4.2% in the 1st quarter. Bank of America Corp DE now owns 140,611 shares of the utilities provider’s stock valued at $39,697,000 after acquiring an additional 5,667 shares in the last quarter. Finally, Altshuler Shaham Ltd purchased a new stake in shares of MYR Group in the 1st quarter valued at approximately $560,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

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.