6,900 Shares in MYR Group, Inc. $MYRG Purchased by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System purchased a new position in shares of MYR Group, Inc. (NASDAQ:MYRG) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 6,900 shares of the utilities provider’s stock, valued at approximately $1,948,000.

Other institutional investors have also bought and sold shares of the company. Wellington Management Group LLP increased its position in MYR Group by 63.5% in the fourth quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock worth $223,153,000 after buying an additional 396,502 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new position in shares of MYR Group during the 4th quarter valued at $47,012,000. Invesco Ltd. grew its stake in shares of MYR Group by 59.9% during the 3rd quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock worth $51,058,000 after acquiring an additional 91,923 shares during the period. Squarepoint Ops LLC grew its stake in shares of MYR Group by 274.9% during the 3rd quarter. Squarepoint Ops LLC now owns 121,434 shares of the utilities provider’s stock worth $25,262,000 after acquiring an additional 89,044 shares during the period. Finally, Adage Capital Partners GP L.L.C. purchased a new stake in MYR Group in the 2nd quarter worth about $13,609,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Oppenheimer restated a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. Stifel Nicolaus set a $503.00 target price on shares of MYR Group in a research note on Monday, May 4th. Robert W. Baird set a $373.00 price target on shares of MYR Group in a research report on Thursday, April 30th. Finally, The Goldman Sachs Group upped their price target 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 investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $358.17.

MYR Group Stock Down 0.1%

Shares of NASDAQ MYRG opened at $500.40 on Wednesday. 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 market cap of $7.79 billion, a P/E ratio of 55.17 and a beta of 1.32. MYR Group, Inc. has a 52 week low of $171.51 and a 52 week high of $503.57. The business has a 50-day simple moving average of $435.71 and a two-hundred day simple moving average of $321.73.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $932.45 million. During the same period in the prior year, the firm posted $1.45 earnings per share. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. Research analysts anticipate that MYR Group, Inc. will post 11.43 earnings per share for the current fiscal year.

Insider Activity at MYR Group

In related news, Director Donald C.I. Lucky sold 14,675 shares of MYR Group stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the completion of the sale, the director owned 5,579 shares of the company’s stock, valued at approximately $2,507,927.87. This trade represents a 72.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction 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 represents a 15.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.90% of the company’s stock.

MYR Group Company 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.