SG Americas Securities LLC Sells 1,392 Shares of MYR Group, Inc. $MYRG

SG Americas Securities LLC trimmed its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG) by 15.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,882 shares of the utilities provider’s stock after selling 1,392 shares during the quarter. SG Americas Securities LLC’s holdings in MYR Group were worth $2,225,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Farther Finance Advisors LLC grew its stake in MYR Group by 212.2% in the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 104 shares during the period. Acumen Wealth Advisors LLC bought a new stake in shares of MYR Group during the 4th quarter worth $35,000. Signaturefd LLC boosted its holdings in shares of MYR Group by 65.7% in the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock worth $36,000 after buying an additional 65 shares during the last quarter. Hantz Financial Services Inc. boosted its holdings in shares of MYR Group by 271.2% in the 4th quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock worth $48,000 after buying an additional 160 shares during the last quarter. Finally, Kestra Advisory Services LLC bought a new position in MYR Group during the fourth quarter valued at about $66,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Insider Activity at MYR Group

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of the firm’s stock in a transaction that occurred on 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 directly owned 18,631 shares of the company’s stock, valued at $8,393,265.50. This trade represents a 15.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Donald C.I. Lucky sold 14,675 shares of MYR Group stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the sale, the director owned 5,579 shares of the company’s stock, valued at approximately $2,507,927.87. The trade was a 72.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a report on Tuesday, April 21st. Stifel Nicolaus set a $503.00 target price on shares of MYR Group in a research report on Monday, May 4th. Robert W. Baird set a $373.00 price target on shares of MYR Group in a research note on Thursday, April 30th. Cantor Fitzgerald lifted their price target on shares of MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Finally, Oppenheimer reiterated a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, MYR Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $358.17.

MYR Group Trading Down 7.5%

MYR Group stock opened at $463.11 on Thursday. The stock has a market cap of $7.21 billion, a P/E ratio of 51.06 and a beta of 1.31. MYR Group, Inc. has a fifty-two week low of $171.51 and a fifty-two week high of $503.57. The firm’s fifty day moving average price is $438.33 and its 200-day moving average price is $323.40. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.09 by $0.90. The company had revenue of $1 billion during the quarter, compared to analyst estimates of $932.45 million. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The firm’s quarterly revenue was up 20.0% on a year-over-year basis. During the same quarter last year, the company earned $1.45 earnings per share. Equities research analysts forecast that MYR Group, Inc. will post 11.43 earnings per share 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.