Legal & General Group Plc Has $8.71 Million Stock Position in MYR Group, Inc. $MYRG

Legal & General Group Plc reduced its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG) by 5.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 39,843 shares of the utilities provider’s stock after selling 2,162 shares during the quarter. Legal & General Group Plc’s holdings in MYR Group were worth $8,706,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Smartleaf Asset Management LLC lifted its position in shares of MYR Group by 12.7% in the third quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider’s stock worth $86,000 after purchasing an additional 47 shares in the last quarter. Signaturefd LLC grew its position in MYR Group by 65.7% in the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 65 shares in the last quarter. ProShare Advisors LLC grew its position in MYR Group by 3.2% in the fourth quarter. ProShare Advisors LLC now owns 3,000 shares of the utilities provider’s stock valued at $656,000 after purchasing an additional 92 shares in the last quarter. Oregon Public Employees Retirement Fund increased its stake in MYR Group by 2.7% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,559 shares of the utilities provider’s stock valued at $778,000 after buying an additional 95 shares during the last quarter. Finally, Farther Finance Advisors LLC increased 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 buying an additional 104 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at MYR Group

In other MYR Group news, Director Kenneth Michael Hartwick sold 3,500 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was 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 represents a 15.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Donald C.I. Lucky sold 14,675 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total value of $6,596,852.75. Following the completion of the sale, the director directly 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 disclosure for this sale is available in the SEC filing. Company insiders own 1.90% of the company’s stock.

MYR Group Stock Performance

Shares of MYRG stock opened at $451.40 on Friday. The company has a fifty day moving average price of $378.10 and a two-hundred day moving average price of $291.70. MYR Group, Inc. has a one year low of $158.48 and a one year high of $484.71. The stock has a market cap 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 current ratio of 1.31 and a quick ratio of 1.31.

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

Wall Street Analyst Weigh In

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