Bank of New York Mellon Corp Has $35.78 Million Holdings in MYR Group, Inc. $MYRG

Bank of New York Mellon Corp decreased its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 5.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 126,723 shares of the utilities provider’s stock after selling 7,248 shares during the quarter. Bank of New York Mellon Corp’s holdings in MYR Group were worth $35,776,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of MYRG. Geode Capital Management LLC raised its position in shares of MYR Group by 3.5% in the 4th quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider’s stock valued at $86,574,000 after buying an additional 13,511 shares in the last quarter. Hel Ved Capital Management Ltd bought a new position in MYR Group in the fourth quarter valued at approximately $3,525,000. Louisiana State Employees Retirement System acquired a new position in MYR Group during the first quarter valued at approximately $1,948,000. Inspire Investing LLC raised its position in MYR Group by 269.5% during the first quarter. Inspire Investing LLC now owns 7,910 shares of the utilities provider’s stock valued at $2,233,000 after purchasing an additional 5,769 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in MYR Group by 3.3% during the fourth quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider’s stock worth $276,501,000 after purchasing an additional 40,164 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at MYR Group

In other MYR Group news, Director Kenneth Michael Hartwick sold 3,500 shares of the company’s 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 completion of the transaction, the director owned 18,631 shares of the company’s stock, valued at $8,393,265.50. This represents a 15.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction dated 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 completion of the transaction, the director owned 5,579 shares of the company’s stock, 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. Company insiders own 1.90% of the company’s stock.

MYR Group Stock Performance

Shares of MYR Group stock opened at $379.17 on Friday. MYR Group, Inc. has a fifty-two week low of $171.51 and a fifty-two week high of $503.57. 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 $5.90 billion, a P/E ratio of 41.80 and a beta of 1.31. The company’s 50 day moving average price is $441.22 and its two-hundred day moving average price is $345.43.

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

Wall Street Analyst Weigh In

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

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.