Man Group plc Makes New $2.75 Million Investment in MYR Group, Inc. $MYRG

Man Group plc acquired a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 5,503 shares of the utilities provider’s stock, valued at approximately $2,754,000.

A number of other institutional investors also recently bought and sold shares of MYRG. Kilter Group LLC bought a new stake in MYR Group during the second quarter valued at about $25,000. Carolina Wealth Advisors LLC bought a new position in shares of MYR Group during the 2nd quarter valued at approximately $30,000. Global Retirement Partners LLC purchased a new stake in MYR Group in the 2nd quarter worth approximately $30,000. Farther Finance Advisors LLC lifted 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 valued at $33,000 after purchasing an additional 104 shares in the last quarter. Finally, Parallel Advisors LLC boosted its position in shares of MYR Group by 207.9% in the first quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 79 shares during the period. 88.90% of the stock is owned by institutional investors.

MYR Group Price Performance

Shares of MYR Group stock opened at $291.42 on Tuesday. The stock has a market cap of $4.54 billion, a price-to-earnings ratio of 27.65 and a beta of 1.34. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.40 and a current ratio of 1.40. The stock has a 50 day moving average price of $376.97 and a 200-day moving average price of $360.46. MYR Group, Inc. has a one year low of $171.51 and a one year high of $503.57.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.62 by $0.55. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $995.74 million. During the same period last year, the company earned $1.70 earnings per share. MYR Group’s revenue was up 20.1% on a year-over-year basis. Equities analysts expect that MYR Group, Inc. will post 12.43 EPS for the current year.

Analyst Upgrades and Downgrades

MYRG has been the topic of several recent analyst reports. Oppenheimer restated a “market perform” rating on shares of MYR Group in a research report on Thursday, June 11th. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 10th. Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a research report on Friday, July 17th. The Goldman Sachs Group lowered their price target on MYR Group from $469.00 to $422.00 and set a “neutral” rating on the stock in a report on Thursday, August 13th. Finally, Cantor Fitzgerald increased their price objective on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $451.20.

Insider Transactions at MYR Group

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of the stock in a transaction that occurred on 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 sale, the director directly owned 18,631 shares in the company, valued at approximately $8,393,265.50. This represents a 15.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 of the company’s stock, valued at approximately $2,507,927.87. The trade was a 72.45% decrease in their position. 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.