Boston Partners Grows Stock Position in MYR Group, Inc. $MYRG

Boston Partners increased its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 11.2% in the 2nd quarter, Holdings Channel reports. The firm owned 99,308 shares of the utilities provider’s stock after purchasing an additional 9,984 shares during the period. Boston Partners’ holdings in MYR Group were worth $18,021,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. purchased a new position in MYR Group in the 2nd quarter valued at $4,401,000. Los Angeles Capital Management LLC acquired a new stake in shares of MYR Group in the second quarter valued at about $1,457,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of MYR Group in the second quarter worth about $34,000. Bank of New York Mellon Corp boosted its position in MYR Group by 97.4% during the second quarter. Bank of New York Mellon Corp now owns 350,478 shares of the utilities provider’s stock worth $63,594,000 after acquiring an additional 172,962 shares during the last quarter. Finally, Bank of Montreal Can boosted its position in MYR Group by 1.4% during the second quarter. Bank of Montreal Can now owns 4,087 shares of the utilities provider’s stock worth $742,000 after acquiring an additional 56 shares during the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Stock Down 4.8%

Shares of NASDAQ:MYRG opened at $219.97 on Friday. The company has a market capitalization of $3.41 billion, a price-to-earnings ratio of 35.54 and a beta of 1.24. MYR Group, Inc. has a 12-month low of $97.72 and a 12-month high of $241.13. The business has a 50-day moving average price of $203.68 and a 200 day moving average price of $184.59. 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 (NASDAQ:MYRG) last posted its earnings results on Wednesday, October 29th. The utilities provider reported $2.05 EPS for the quarter, beating analysts’ consensus estimates of $1.82 by $0.23. MYR Group had a net margin of 2.78% and a return on equity of 16.94%. The company had revenue of $950.40 million for the quarter, compared to analysts’ expectations of $931.72 million. During the same quarter in the prior year, the company posted $0.65 earnings per share. MYR Group’s revenue for the quarter was up 7.0% compared to the same quarter last year. Sell-side analysts expect that MYR Group, Inc. will post 1.16 EPS for the current year.

Insider Buying and Selling at MYR Group

In related news, COO Don A. Egan sold 2,900 shares of MYR Group stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total value of $676,860.00. Following the completion of the sale, the chief operating officer owned 5,797 shares in the company, valued at approximately $1,353,019.80. This trade represents a 33.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on MYRG shares. Jefferies Financial Group started coverage on shares of MYR Group in a report on Friday, August 15th. They issued a “hold” rating and a $202.00 price objective for the company. The Goldman Sachs Group increased their price target on MYR Group from $168.00 to $205.00 and gave the company a “neutral” rating in a report on Thursday, August 7th. Stifel Nicolaus boosted their price objective on MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a research note on Thursday, October 9th. Wall Street Zen cut MYR Group from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 9th. Finally, KeyCorp reiterated a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, MYR Group presently 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.