Fifth Third Bancorp Grows Stock Position in MYR Group, Inc. $MYRG

Fifth Third Bancorp boosted its holdings in MYR Group, Inc. (NASDAQ:MYRG) by 3,075.0% during the first quarter, Holdings Channel.com reports. The fund owned 3,810 shares of the utilities provider’s stock after acquiring an additional 3,690 shares during the period. Fifth Third Bancorp’s holdings in MYR Group were worth $1,076,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its holdings 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 purchasing an additional 2,205 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of MYR Group by 124.5% during the 1st 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. raised its position in shares of MYR Group by 0.7% during the 1st 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 during the last quarter. Cetera Investment Advisers acquired a new position in shares of MYR Group during the 2nd quarter worth approximately $221,000. Finally, Invesco Ltd. lifted 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 buying an additional 32,544 shares in the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

MYR Group Stock Down 6.9%

Shares of NASDAQ MYRG opened at $379.17 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31. MYR Group, Inc. has a 1 year low of $171.51 and a 1 year high of $503.57. The stock’s 50-day simple moving average is $441.22 and its 200-day simple moving average is $345.43. The firm has a market cap of $5.90 billion, a price-to-earnings ratio of 41.80 and a beta of 1.31.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 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 in the prior year, the business posted $1.45 earnings per share. MYR Group’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 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Insider Buying and Selling

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group 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 completion of the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Donald C.I. Lucky sold 14,675 shares of the company’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the completion of the sale, the director directly owned 5,579 shares in the company, valued at $2,507,927.87. This represents a 72.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.90% of the company’s stock.

About MYR Group

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.