Connor Clark & Lunn Investment Management Ltd. Takes $8 Million Position in MYR Group, Inc. $MYRG

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of MYR Group, Inc. (NASDAQ:MYRG) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 15,983 shares of the utilities provider’s stock, valued at approximately $7,998,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.10% of MYR Group as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in MYR Group in the second quarter worth about $1,232,294,000. Wellington Management Group LLP lifted its position in MYR Group by 63.5% during 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 during the period. Bank of New York Mellon Corp acquired a new position in MYR Group during the 2nd quarter valued at about $53,361,000. Invesco Ltd. boosted its stake in shares of MYR Group by 59.9% in the 3rd quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock valued at $51,058,000 after purchasing an additional 91,923 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its stake in shares of MYR Group by 274.9% in the 3rd quarter. Squarepoint Ops LLC now owns 121,434 shares of the utilities provider’s stock valued at $25,262,000 after purchasing an additional 89,044 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on MYRG shares. Oppenheimer reissued a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. Robert W. Baird set a $375.00 price objective on shares of MYR Group in a research note on Thursday, July 30th. The Goldman Sachs Group lowered their target price on shares of MYR Group from $469.00 to $422.00 and set a “neutral” rating for the company in a report on Thursday, August 13th. Jefferies Financial Group set a $392.00 price target on MYR Group in a research note on Friday, July 10th. Finally, Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, MYR Group currently has a consensus rating of “Moderate Buy” and an average price target of $451.20.

MYR Group Stock Performance

Shares of NASDAQ:MYRG opened at $312.83 on Thursday. The firm’s 50 day simple moving average is $387.18 and its 200 day simple moving average is $359.85. MYR Group, Inc. has a fifty-two week low of $171.51 and a fifty-two week high of $503.57. The company has a market capitalization of $4.87 billion, a price-to-earnings ratio of 29.68 and a beta of 1.34. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40.

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

Insiders Place Their Bets

In other 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 completion of the transaction, the director owned 5,579 shares of the company’s stock, 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 Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the company’s stock in a transaction on 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 sale, the director owned 18,631 shares of the company’s stock, valued at approximately $8,393,265.50. This represents a 15.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Company 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.