MYR Group (NASDAQ:MYRG) Director Kenneth Michael Hartwick Sells 3,500 Shares

MYR Group, Inc. (NASDAQ:MYRG) Director Kenneth Michael Hartwick sold 3,500 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total value of $1,576,750.00. Following the sale, the director owned 18,631 shares in the company, valued at $8,393,265.50. This trade represents a 15.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

MYR Group Price Performance

Shares of NASDAQ:MYRG traded up $10.05 during trading on Thursday, reaching $451.40. 261,604 shares of the company’s stock traded hands, compared to its average volume of 269,788. MYR Group, Inc. has a fifty-two week low of $158.48 and a fifty-two week high of $484.71. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01. The firm has a market cap of $7.03 billion, a PE ratio of 49.77 and a beta of 1.32. The company has a 50-day simple moving average of $374.75 and a 200-day simple moving average of $290.14.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, beating analysts’ consensus estimates of $2.09 by $0.90. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The firm had revenue of $1 billion for the quarter, compared to analysts’ expectations of $932.45 million. During the same period last year, the firm earned $1.45 EPS. The company’s quarterly revenue was up 20.0% on a year-over-year basis. As a group, analysts predict that MYR Group, Inc. will post 10.59 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in MYR Group by 14.7% in the third quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock valued at $254,897,000 after acquiring an additional 157,157 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in MYR Group by 0.9% in the third quarter. Fisher Asset Management LLC now owns 450,402 shares of the utilities provider’s stock valued at $93,697,000 after acquiring an additional 4,203 shares during the last quarter. Teton Advisors LLC acquired a new position in MYR Group in the third quarter valued at approximately $1,248,000. Citigroup Inc. lifted its holdings in MYR Group by 66.3% in the third quarter. Citigroup Inc. now owns 24,861 shares of the utilities provider’s stock valued at $5,172,000 after acquiring an additional 9,911 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its holdings in MYR Group by 119.9% in the third quarter. New York State Common Retirement Fund now owns 34,827 shares of the utilities provider’s stock valued at $7,245,000 after acquiring an additional 18,986 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on MYRG shares. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a report on Tuesday, April 21st. Robert W. Baird set a $373.00 price objective on MYR Group in a report on Thursday, April 30th. The Goldman Sachs Group lifted their price objective on MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a report on Tuesday, March 3rd. Finally, Stifel Nicolaus set a $503.00 price objective on MYR Group in a report on Monday, May 4th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, MYR Group has a consensus rating of “Moderate Buy” and an average target price of $358.17.

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.