Peregrine Capital Management LLC Lowers Position in MYR Group, Inc. $MYRG

Peregrine Capital Management LLC decreased its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 10.8% in the first quarter, Holdings Channel.com reports. The fund owned 48,285 shares of the utilities provider’s stock after selling 5,830 shares during the period. Peregrine Capital Management LLC’s holdings in MYR Group were worth $13,632,000 at the end of the most recent reporting period.

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

MYR Group Trading Down 0.1%

Shares of NASDAQ MYRG opened at $500.40 on Wednesday. MYR Group, Inc. has a 1-year low of $171.51 and a 1-year high of $503.57. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.31 and a quick ratio of 1.31. The business’s 50 day moving average is $435.71 and its two-hundred day moving average is $321.73. The stock has a market capitalization of $7.79 billion, a P/E ratio of 55.17 and a beta of 1.32.

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 business 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 company’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same period last year, the company earned $1.45 EPS. As a group, research analysts expect that MYR Group, Inc. will post 11.43 EPS for the current year.

Insider Buying and Selling at MYR Group

In other MYR Group news, Director Kenneth Michael Hartwick sold 3,500 shares of the business’s stock in a transaction on 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 transaction, the director owned 18,631 shares in the company, valued at $8,393,265.50. The trade was a 15.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction 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 completion of the sale, the director directly owned 5,579 shares in the company, valued at approximately $2,507,927.87. This represents a 72.45% decrease in their position. The SEC filing for this sale provides additional information. 1.90% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on MYRG shares. 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 note on Tuesday, March 3rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a report on Tuesday, April 21st. Robert W. Baird set a $373.00 target price on MYR Group in a research report on Thursday, April 30th. Cantor Fitzgerald raised their target price 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, Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research report on Monday, May 4th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.