SG Americas Securities LLC Makes New Investment in MYR Group, Inc. $MYRG

SG Americas Securities LLC acquired a new stake in MYR Group, Inc. (NASDAQ:MYRG) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,288 shares of the utilities provider’s stock, valued at approximately $1,516,000.

A number of other institutional investors also recently bought and sold shares of MYRG. Royal Bank of Canada grew its stake in shares of MYR Group by 20.8% in the 1st quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock valued at $1,447,000 after buying an additional 2,205 shares during the period. AQR Capital Management LLC raised its position 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 valued at $1,232,000 after buying an additional 6,044 shares during the period. Goldman Sachs Group Inc. lifted its holdings in MYR Group by 0.7% in the first quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock valued at $22,998,000 after acquiring an additional 1,437 shares during the last quarter. Strs Ohio acquired a new position in MYR Group in the first quarter valued at approximately $339,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in MYR Group in the second quarter worth approximately $383,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Stock Up 6.4%

Shares of MYRG opened at $244.19 on Friday. The company’s 50-day simple moving average is $224.10 and its 200-day simple moving average is $204.27. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.33 and a current ratio of 1.33. MYR Group, Inc. has a 1 year low of $97.72 and a 1 year high of $247.00. The stock has a market capitalization of $3.79 billion, a PE ratio of 39.45 and a beta of 1.18.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.23. The firm had revenue of $950.40 million during the quarter, compared to analysts’ expectations of $931.72 million. MYR Group had a net margin of 2.78% and a return on equity of 16.65%. The business’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.65 earnings per share. Analysts forecast that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

MYRG has been the topic of a number of research analyst reports. Zacks Research downgraded MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 30th. Clear Str raised MYR Group to a “strong-buy” rating in a research report on Monday, December 15th. The Goldman Sachs Group boosted their price objective on shares of MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a report on Friday, November 14th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MYR Group in a research note on Monday, December 29th. Finally, KeyCorp reiterated a “sector weight” rating on shares of MYR Group in a research report on Wednesday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $201.67.

Insider Activity at MYR Group

In other news, COO Don A. Egan sold 2,900 shares of the company’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total transaction of $676,860.00. Following the sale, the chief operating officer owned 5,797 shares of the company’s stock, valued at approximately $1,353,019.80. This represents a 33.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.80% of the stock is currently owned by company insiders.

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.