Donald C.I. Lucky Sells 14,675 Shares of MYR Group (NASDAQ:MYRG) Stock

MYR Group, Inc. (NASDAQ:MYRG) Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction dated 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 owned 5,579 shares of the company’s stock, valued at $2,507,927.87. This represents a 72.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

MYR Group Stock Up 2.3%

NASDAQ:MYRG traded up $10.05 during trading hours on Thursday, reaching $451.40. The company’s stock had a trading volume of 261,604 shares, compared to its average volume of 269,788. The stock has a 50 day moving average price of $374.75 and a two-hundred day moving average price of $290.14. MYR Group, Inc. has a 12 month low of $158.48 and a 12 month high of $484.71. The company has a market capitalization of $7.03 billion, a P/E ratio of 49.77 and a beta of 1.32. 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 released its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, topping analysts’ consensus estimates of $2.09 by $0.90. The company had revenue of $1 billion during the quarter, compared to analysts’ expectations of $932.45 million. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.MYR Group’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.45 EPS. Equities analysts predict that MYR Group, Inc. will post 10.59 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently commented on MYRG. Cantor Fitzgerald raised their price objective on shares of MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. Robert W. Baird set a $373.00 price target on MYR Group in a report on Thursday, April 30th. Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research note on Monday, May 4th. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. Finally, The Goldman Sachs Group upped their price objective on shares of MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research note on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $358.17.

Hedge Funds Weigh In On MYR Group

Several hedge funds have recently bought and sold shares of MYRG. Wellington Management Group LLP grew its position in 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 purchasing an additional 396,502 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new position in MYR Group during the 4th quarter worth $47,012,000. Vanguard Group Inc. boosted its position in shares of MYR Group by 14.7% in the 3rd quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock valued at $254,897,000 after purchasing an additional 157,157 shares during the period. Invesco Ltd. raised its stake in MYR Group by 59.9% during the 3rd quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock valued at $51,058,000 after acquiring an additional 91,923 shares during the last quarter. Finally, Squarepoint Ops LLC increased its stake in MYR Group by 274.9% in the 3rd quarter. Squarepoint Ops LLC now owns 121,434 shares of the utilities provider’s stock valued at $25,262,000 after purchasing an additional 89,044 shares in the last quarter. Institutional investors own 88.90% of the company’s stock.

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.