Erste Asset Management GmbH Sells 3,260 Shares of MYR Group, Inc. $MYRG

Erste Asset Management GmbH trimmed its position in MYR Group, Inc. (NASDAQ:MYRG) by 14.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,698 shares of the utilities provider’s stock after selling 3,260 shares during the quarter. Erste Asset Management GmbH owned about 0.13% of MYR Group worth $4,382,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Farther Finance Advisors LLC grew its position in MYR Group by 212.2% in the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 104 shares in the last quarter. Signaturefd LLC boosted its position in shares of MYR Group by 65.7% during the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after buying an additional 65 shares during the period. Hantz Financial Services Inc. boosted its holdings in shares of MYR Group by 271.2% in the fourth quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock valued at $48,000 after purchasing an additional 160 shares during the period. USA Financial Formulas purchased a new stake in shares of MYR Group in the fourth quarter valued at approximately $76,000. Finally, Johnson Financial Group Inc. purchased a new stake in shares of MYR Group in the third quarter valued at approximately $74,000. 88.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

MYR Group Stock Down 3.1%

MYRG opened at $423.44 on Wednesday. MYR Group, Inc. has a twelve month low of $158.48 and a twelve month 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 company has a 50-day moving average price of $387.66 and a 200 day moving average price of $296.26. The company has a market cap of $6.59 billion, a PE ratio of 46.69 and a beta of 1.32.

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 the consensus estimate of $2.09 by $0.90. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $932.45 million. During the same quarter in the prior year, the firm earned $1.45 EPS. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. Sell-side analysts expect that MYR Group, Inc. will post 10.59 earnings per share for the current fiscal year.

Insider Transactions at MYR Group

In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction dated 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 owned 5,579 shares in the company, valued at approximately $2,507,927.87. This represents a 72.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the completion of the sale, the director owned 18,631 shares of the company’s stock, valued at approximately $8,393,265.50. The trade was a 15.81% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is currently owned by corporate insiders.

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.