Trillium Asset Management LLC Acquires Shares of 41,875 MYR Group, Inc. $MYRG

Trillium Asset Management LLC bought a new stake in MYR Group, Inc. (NASDAQ:MYRG) during the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 41,875 shares of the utilities provider’s stock, valued at approximately $20,955,000.

Several other large investors have also made changes to their positions in MYRG. BlackRock Inc. acquired a new stake in shares of MYR Group during the 2nd quarter worth about $1,232,294,000. Vanguard Group Inc. lifted its holdings in MYR Group by 3.3% during the 4th quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider’s stock valued at $276,501,000 after purchasing an additional 40,164 shares during the last quarter. Wellington Management Group LLP boosted its position in MYR Group by 63.5% in the fourth quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock valued at $223,153,000 after buying an additional 396,502 shares in the last quarter. Fisher Asset Management LLC boosted its position in MYR Group by 4.7% in the fourth quarter. Fisher Asset Management LLC now owns 471,706 shares of the utilities provider’s stock valued at $103,068,000 after buying an additional 21,304 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in MYR Group by 3.5% during the fourth quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider’s stock worth $86,574,000 after buying an additional 13,511 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

MYR Group Price Performance

MYRG opened at $318.00 on Friday. MYR Group, Inc. has a one year low of $171.51 and a one year high of $503.57. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40. The company’s 50 day simple moving average is $398.41 and its 200-day simple moving average is $358.42. The stock has a market capitalization of $4.95 billion, a P/E ratio of 30.17 and a beta of 1.34.

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MYRG. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 16th. The Goldman Sachs Group reduced their target price on MYR Group from $469.00 to $422.00 and set a “neutral” rating on the stock in a report on Thursday, August 13th. Stifel Nicolaus set a $503.00 price target on MYR Group in a research report on Monday, May 4th. Robert W. Baird set a $375.00 price target on MYR Group in a report on Thursday, July 30th. Finally, Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, MYR Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $451.20.

Insider Transactions at MYR Group

In related news, Director Donald C.I. Lucky sold 14,675 shares of MYR Group stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total value of $6,596,852.75. Following the completion of the sale, the director directly owned 5,579 shares in the company, valued at $2,507,927.87. This trade represents a 72.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the business’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 sale, the director directly owned 18,631 shares of the company’s stock, valued at $8,393,265.50. This represents a 15.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.90% of the stock is 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.