MYR Group (NASDAQ:MYRG) COO Don Egan Sells 2,900 Shares of Stock

MYR Group, Inc. (NASDAQ:MYRG) COO Don Egan sold 2,900 shares of the company’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total value of $676,860.00. Following the completion of the transaction, the chief operating officer owned 5,797 shares in the company, valued at $1,353,019.80. This represents a 33.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

MYR Group Price Performance

Shares of MYR Group stock opened at $235.79 on Thursday. The business’s 50-day moving average price is $198.31 and its 200-day moving average price is $180.28. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.14. MYR Group, Inc. has a 12 month low of $97.72 and a 12 month high of $241.13. The firm has a market capitalization of $3.66 billion, a PE ratio of 38.09 and a beta of 1.24.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.23. MYR Group had a return on equity of 16.94% and a net margin of 2.78%.The business had revenue of $950.40 million for the quarter, compared to analyst estimates of $931.72 million. During the same period last year, the company earned $0.65 EPS. MYR Group’s revenue for the quarter was up 7.0% compared to the same quarter last year. Sell-side analysts forecast that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MYRG. Teacher Retirement System of Texas bought a new stake in shares of MYR Group in the 1st quarter worth $267,000. HB Wealth Management LLC bought a new stake in shares of MYR Group in the 2nd quarter worth $224,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of MYR Group in the 1st quarter worth $1,922,000. Vanguard Personalized Indexing Management LLC bought a new stake in shares of MYR Group in the 2nd quarter worth $211,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of MYR Group by 29.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 48,685 shares of the utilities provider’s stock worth $8,797,000 after purchasing an additional 11,107 shares in the last quarter. Institutional investors own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 1st. Stifel Nicolaus increased their price objective on MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a report on Thursday, October 9th. Jefferies Financial Group assumed coverage on MYR Group in a report on Friday, August 15th. They issued a “hold” rating and a $202.00 price objective for the company. KeyCorp reiterated a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. Finally, The Goldman Sachs Group increased their price objective on MYR Group from $168.00 to $205.00 and gave the stock a “neutral” rating in a report on Thursday, August 7th. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $194.50.

About MYR Group

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.