Allspring Global Investments Holdings LLC Sells 11,197 Shares of MYR Group, Inc. $MYRG

Allspring Global Investments Holdings LLC trimmed its position in MYR Group, Inc. (NASDAQ:MYRG) by 49.7% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 11,314 shares of the utilities provider’s stock after selling 11,197 shares during the period. Allspring Global Investments Holdings LLC’s holdings in MYR Group were worth $3,273,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in MYRG. Wellington Management Group LLP lifted its position in shares of MYR Group by 63.5% during the 4th quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock valued at $223,153,000 after acquiring an additional 396,502 shares during the period. Massachusetts Financial Services Co. MA bought a new position in shares of MYR Group in the fourth quarter worth about $47,012,000. Invesco Ltd. lifted its holdings in shares of MYR Group by 59.9% in the third quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock worth $51,058,000 after acquiring an additional 91,923 shares during the last quarter. Squarepoint Ops LLC boosted its stake in shares of MYR Group by 274.9% in the 3rd quarter. Squarepoint Ops LLC now owns 121,434 shares of the utilities provider’s stock valued at $25,262,000 after purchasing an additional 89,044 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in shares of MYR Group in the 2nd quarter valued at approximately $13,609,000. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Price Performance

Shares of NASDAQ MYRG opened at $379.17 on Friday. The firm has a market capitalization of $5.90 billion, a P/E ratio of 41.80 and a beta of 1.31. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01. The stock’s 50-day simple moving average is $441.22 and its two-hundred day simple moving average is $345.43. MYR Group, Inc. has a twelve month low of $171.51 and a twelve month high of $503.57.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.09 by $0.90. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $932.45 million. During the same quarter last year, the company posted $1.45 EPS. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. As a group, equities analysts anticipate that MYR Group, Inc. will post 11.43 EPS for the current fiscal year.

Insider Activity

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group 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 transaction, the director owned 18,631 shares in the company, valued at approximately $8,393,265.50. The trade was a 15.81% 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 Donald C.I. Lucky sold 14,675 shares of the stock in a transaction that occurred on 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 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. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a research report on Friday, July 17th. Cantor Fitzgerald increased their price objective on shares of MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Jefferies Financial Group set a $392.00 price objective on shares of MYR Group in a research report on Friday, July 10th. Zacks Research downgraded shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 10th. Finally, Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $389.83.

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.