First Trust Advisors LP Raises Position in MYR Group, Inc. $MYRG

First Trust Advisors LP lifted its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG) by 23.5% during the 1st quarter, Holdings Channel.com reports. The firm owned 203,732 shares of the utilities provider’s stock after acquiring an additional 38,726 shares during the period. First Trust Advisors LP’s holdings in MYR Group were worth $57,518,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Farther Finance Advisors LLC increased its stake in MYR Group by 212.2% in the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 104 shares during the last quarter. Parallel Advisors LLC lifted its position in MYR Group by 207.9% during the first quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock worth $33,000 after buying an additional 79 shares during the period. Acumen Wealth Advisors LLC acquired a new stake in MYR Group in the 4th quarter worth about $35,000. Signaturefd LLC grew its holdings in MYR Group by 65.7% in the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after buying an additional 65 shares during the period. Finally, Hantz Financial Services Inc. grew its holdings in MYR Group by 271.2% in 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 period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Trading Down 6.9%

NASDAQ:MYRG opened at $379.17 on Friday. The firm has a market capitalization of $5.90 billion, a PE ratio of 41.80 and a beta of 1.31. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.31 and a quick ratio of 1.31. MYR Group, Inc. has a 12 month low of $171.51 and a 12 month high of $503.57. The business’s 50-day moving average is $441.22 and its two-hundred day moving average is $345.43.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $932.45 million. During the same period in the previous year, the company posted $1.45 EPS. MYR Group’s revenue for the quarter was up 20.0% on a year-over-year basis. Research analysts predict that MYR Group, Inc. will post 11.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction 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 transaction, the director owned 5,579 shares in the company, valued at $2,507,927.87. The trade was a 72.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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 completion of the transaction, the director directly owned 18,631 shares of the company’s stock, valued at approximately $8,393,265.50. The trade was a 15.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on MYRG shares. Zacks Research downgraded shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 10th. Cantor Fitzgerald raised 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. Oppenheimer restated a “market perform” rating on shares of MYR Group in a report on Thursday, June 11th. Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research report on Monday, May 4th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, MYR Group presently has an average rating of “Moderate Buy” and a consensus price target of $389.83.

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.