Assenagon Asset Management S.A. Has $5.36 Million Stock Holdings in MYR Group, Inc. $MYRG

Assenagon Asset Management S.A. decreased its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 28.5% in the 1st quarter, HoldingsChannel reports. The fund owned 18,982 shares of the utilities provider’s stock after selling 7,562 shares during the period. Assenagon Asset Management S.A.’s holdings in MYR Group were worth $5,359,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in MYRG. Farther Finance Advisors LLC grew its holdings in MYR Group by 212.2% during the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock worth $33,000 after buying an additional 104 shares in the last quarter. Acumen Wealth Advisors LLC bought a new stake in MYR Group in the fourth quarter worth about $35,000. Signaturefd LLC raised its holdings in shares of MYR Group by 65.7% in the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock worth $36,000 after purchasing an additional 65 shares during the period. Hantz Financial Services Inc. lifted its position in shares of MYR Group by 271.2% during the 4th quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock valued at $48,000 after buying an additional 160 shares during the last quarter. Finally, Kestra Advisory Services LLC purchased a new stake in MYR Group during the fourth quarter valued at about $66,000. 88.90% of the stock is owned by institutional investors.

MYR Group Stock Performance

MYR Group stock opened at $501.13 on Tuesday. MYR Group, Inc. has a twelve month low of $171.51 and a twelve month high of $502.08. The company has a market capitalization of $7.80 billion, a P/E ratio of 55.25 and a beta of 1.32. The stock’s 50 day moving average is $432.29 and its 200 day moving average is $319.80. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $932.45 million. During the same quarter in the prior year, the firm posted $1.45 earnings per share. The business’s revenue was up 20.0% on a year-over-year basis. On average, equities research analysts predict that MYR Group, Inc. will post 11.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Donald C.I. Lucky sold 14,675 shares of MYR Group 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 completion of the sale, the director owned 5,579 shares of the company’s stock, valued at $2,507,927.87. The trade was a 72.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the company’s stock in a transaction dated 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 sale, the director directly owned 18,631 shares of the company’s stock, valued at $8,393,265.50. The trade was a 15.81% 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

MYRG has been the subject of a number of analyst reports. Oppenheimer reaffirmed a “market perform” rating on shares of MYR Group in a report on Thursday, June 11th. Robert W. Baird set a $373.00 price target on shares of MYR Group in a research note on Thursday, April 30th. Stifel Nicolaus set a $503.00 price objective on MYR Group in a research report on Monday, May 4th. 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 report on Monday, May 11th. Finally, The Goldman Sachs Group boosted their price objective on MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research report on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $358.17.

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.