MYR Group (NASDAQ:MYRG) Director Kenneth Michael Hartwick Sells 3,500 Shares of Stock

MYR Group, Inc. (NASDAQ:MYRG) Director Kenneth Michael Hartwick sold 3,500 shares of the firm’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 sale, the director directly owned 18,631 shares in the company, valued at approximately $8,393,265.50. The trade was a 15.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

MYR Group Stock Up 2.3%

Shares of NASDAQ:MYRG opened at $451.40 on Friday. The stock’s 50-day moving average price is $378.10 and its two-hundred day moving average price is $291.70. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. MYR Group, Inc. has a 12-month low of $158.48 and a 12-month high of $484.71. The firm has a market cap of $7.03 billion, a price-to-earnings ratio of 49.77 and a beta of 1.32.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 last year, the company earned $1.45 EPS. The firm’s quarterly revenue was up 20.0% on a year-over-year basis. On average, research analysts forecast that MYR Group, Inc. will post 10.59 EPS for the current year.

Wall Street Analysts Forecast Growth

MYRG has been the topic of several research analyst reports. Cantor Fitzgerald lifted their price objective on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Robert W. Baird set a $373.00 price objective on MYR Group in a research note on Thursday, April 30th. Stifel Nicolaus set a $503.00 price objective on MYR Group in a research note on Monday, May 4th. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a research note on Tuesday, April 21st. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $358.17.

Hedge Funds Weigh In On MYR Group

Several hedge funds and other institutional investors have recently modified their holdings of MYRG. Wellington Management Group LLP lifted its stake in shares of MYR Group by 63.5% in the 4th quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock valued at $223,153,000 after purchasing an additional 396,502 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new position in MYR Group during the 4th quarter worth approximately $47,012,000. Vanguard Group Inc. lifted its position in MYR Group by 14.7% during the 3rd quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock worth $254,897,000 after acquiring an additional 157,157 shares in the last quarter. Invesco Ltd. lifted its position in MYR Group by 59.9% during the 3rd quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock worth $51,058,000 after acquiring an additional 91,923 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its position in MYR Group by 274.9% during the 3rd quarter. Squarepoint Ops LLC now owns 121,434 shares of the utilities provider’s stock worth $25,262,000 after acquiring an additional 89,044 shares in the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

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.