Canada Pension Plan Investment Board Invests $1.99 Million in MYR Group, Inc. $MYRG

Canada Pension Plan Investment Board purchased a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,980 shares of the utilities provider’s stock, valued at approximately $1,992,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. BlackRock Inc. bought a new position in MYR Group in the 2nd quarter valued at about $1,232,294,000. Vanguard Group Inc. raised its position in shares of MYR Group by 3.3% during the 4th quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider’s stock worth $276,501,000 after buying an additional 40,164 shares in the last quarter. Wellington Management Group LLP raised its position in shares of 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 worth $223,153,000 after buying an additional 396,502 shares in the last quarter. Fisher Asset Management LLC lifted its stake in shares of MYR Group by 4.7% in the 4th quarter. Fisher Asset Management LLC now owns 471,706 shares of the utilities provider’s stock worth $103,068,000 after acquiring an additional 21,304 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of MYR Group by 3.5% in the 4th quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider’s stock worth $86,574,000 after acquiring an additional 13,511 shares during the period. 88.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

MYRG has been the topic of a number of research analyst reports. Stifel Nicolaus set a $503.00 price objective on shares of MYR Group in a research note on Monday, May 4th. The Goldman Sachs Group cut their target price on MYR Group from $469.00 to $422.00 and set a “neutral” rating for the company in a research report on Thursday, August 13th. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 10th. Wall Street Zen downgraded MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Finally, Oppenheimer restated a “market perform” rating on shares of MYR Group in a report on Thursday, June 11th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $451.20.

Insider Buying and Selling at MYR Group

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction 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 transaction, the director directly owned 18,631 shares in the company, valued at $8,393,265.50. The trade was a 15.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction on 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 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. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by corporate insiders.

MYR Group Stock Performance

Shares of MYRG opened at $294.42 on Monday. 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 firm’s 50 day moving average is $380.81 and its 200-day moving average is $360.30. MYR Group, Inc. has a 12-month low of $171.51 and a 12-month high of $503.57. The stock has a market capitalization of $4.58 billion, a P/E ratio of 27.93 and a beta of 1.34.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, beating the consensus estimate 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%. The business’s quarterly revenue was up 20.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.70 earnings per share. Equities research analysts anticipate that MYR Group, Inc. will post 12.43 EPS for the current fiscal year.

MYR Group Profile

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.